Opening Daily Highlight
Mixed
Benchmark hit by massive sell-off
Fri, 19-Jan-2024 07:56 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI extended its downward trajectory (-0.81%) led by intensified selling pressure amid weak sentiment. Similarly, the lower liners closed lower, while the utilities sector (-2.26%) was the worst performer among sectoral peers.
  • Global Markets Review. US stock markets rallied overnight in a sharp rebound driven by major advances in the technology sector following the bullish revenue outlook from TSMC which is a key supplier to Apple and Nvidia. Meanwhile, European stock markets surged on the back of strong corporate earnings, while Asia stock markets finished mostly mixed.
  • Market Outlook. Despite the extended pullback in the FBM KLCI, we reckon that the trading range is still within the consolidation band. On the global front, Wall Street’s recovery may provide some support to local bourse with investors taking this opportunity for bargain hunting. Still, any recovery will be measured, due to the absence of fresh leads. For now, investors will be monitoring onto the US consumer sentiment data and home sales. We expect the technology sector to trade higher in line with the gains on Nasdaq overnight. Also, gold-related stocks remain appealing as tensions in the Middle East attract safe-haven inflows.
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