Opening Daily Highlight
Mixed
Renewed volatility
Thu, 18-Jan-2024 07:42 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.18%) edged lower following weaker-than-expected China’s 4Q23 GDP numbers. Similarly, the lower liners closed lower, while the utilities sector (+1.03%) outperformed the sectoral peers.
  • Global Markets Review. US stock markets extended their decline as sentiment was affected by the higher Treasury yields. European stock markets were negative after UK inflation unexpectedly picks up, while Asia stock markets fell.
  • Market Outlook. We anticipate the FBM KLCI to continue trade flat today as global weaknesses casts doubt on investor’s confidence. The weakness on Wall Street may also permeates towards the sentiment on stocks across Bursa Malaysia today. Meanwhile, the lower liners may consolidate with trading activities likely to taper off following the renewed volatility. At this juncture, we reckon that any recovery is likely to be tempered by quick profit taking activities. On the global front, investors will be monitoring over the release of US corporate earnings releases. With the on-going volatility, we advocate investors to remain defensive, focusing on utilities sector.
Sentiment: Negative
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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