Opening Daily Highlight
Mixed
Taking a jab towards 1,500
Tue, 16-Jan-2024 07:43 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.93%) extended its gains, driven by buying activities following China's surprising move to keep benchmark interest rate at 2.5%. Similarly, the lower liners advanced, while the property sector (+2.59%) outperformed the sectoral peers.
  • Global Markets Review. US stock markets were closed in conjunction with the Martin Luther King Jr. Day public holiday. European stock markets were negative, while Asia stock markets fell following losses in China’s as central bank holds rates.
  • Market Outlook. Despite the favorable momentum of the FBM KLCI, we maintain our view that the local bourse is likely to remain range-bound as stubborn inflation in the US has led to uncertainty in timing on rate cut. Still, signs of return in foreign funds may likely to liven up the local bourse above 1,500 psychological level. The lower liners are also attempting to find a footing following the recent mild retracement. Key economic focus later today would be Eurozone’s ZEW Economic Sentiment Index. Gold-related stocks may be in focus with gold price rising on renewed Fed cut bets. We also favour the plantation sector that is riding onto the higher CPO prices that inched towards RM3,800/MT.
Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.210973 4.249411
EUR 4.954495 4.965490
CNY 0.589445 0.590817
HKD 0.536642 0.541158
SGD 3.306006 3.333319