Opening Daily Highlight
Mixed
Lingering profit taking on the cards
Mon, 22-Jan-2024 07:47 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI rebounded (+0.49%) on last Friday which aligned with the predominantly positive trend in regional markets after Wall Street ended higher overnight. Similarly, the lower liners closed higher, with all sector closed green led by construction (+1.66%) and healthcare (+1.38%) sector.

• Global Markets Review. US stock markets continue to rally on last Friday, driven by major advances in the technology sector on the back of positive data that signals stronger consumer sentiment and a moderation in inflation expectations. Meanwhile, European stock markets closed red on moderating expectations for central bank interest rate cuts, while Asia stock markets finished mostly higher.

• Market Outlook. Despite the rebounded in the FBM KLCI, we reckon that profit taking sentiment may still linger. However, on the global front, Wall Street’s positive sentiment may provide some support to local bourse. For now, investors will be monitoring onto the BNM OPR decision and US GDP data later this week. Meanwhile, we advocate investors to trade cautiously to monitor the sentiment on the massive sell off/ negative sentiments on lower liners. Also, gold-related stocks remain appealing as tensions flare in the Middle East may attract safe-haven inflows. The technology sector is also expected to march higher in line with the strong gains on Nasdaq last Friday.

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