Opening Daily Highlight
Mixed
Pullback phase beckons
Wed, 31-Jan-2024 07:52 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.17%) snapped a six-day winning run after parring off all its intraday gains yesterday. The lower liners remained downbeat, while the Plantation sector (-0.75%) turned as the biggest underperformer.
  • Global Markets Review. Wall Street finished mixed as the Dow rose 0.35%, but the S&P 500 and Nasdaq shed -0.06% and -0.76% respectively on disappointing results from Alphabet and Microsoft. European stock markets edged higher, but Asia stock markets ended mostly downbeat.
  • Market Outlook. Following yesterday’s pullback, we expect further downside to be prevalent as profit taking sets in store. The lower liners are bracing further downside as selected small cap stocks are once again demonstrating sings of volatility. Hence, we advocate investors/traders to exercise cautiousness to avoid excessive exposure towards particular small-cap stocks. Globally, we expect the US Federal Reserve to stay pat at the upcoming interest rate decision to be announced later tonight. Coming closer, investors will also be keeping a close watch on China’s manufacturing PMI data which had been in the contraction zone over the past three months. With the renewed heightened volatility, we may turn our attention towards utilities and REIT sectors, which deemed to be defensive in nature.
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