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Due to November activity, the market takes a rest

by moneycompass
December 5, 2022
in Current News, Headline
malaysia corperate market

Kuala lumpur cityscape. Panoramic view of Kuala Lumpur city skyline during sunrise viewing skyscrapers building and in Malaysia.

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Kuala Lumpur, December 5 – Following the end of the corporate earnings in November, the Malaysian market may see a sluggish week as investors await new catalysts and trading chances.

Kenanga Research predicted a relatively calm week following a flurry of activity in November, with no important macro data slated for publication this week. “On the local political landscape, with the appointment of a new cabinet team, the attention will shift to determining a date to table Budget 2023 in parliament,” the research company stated in its weekly technical assessment.

Kenanga believes that once investors absorb the recent headline increases, they will look for trade opportunities in the second and third liners.

Following its recent fall versus a basket of ten major global currencies, the US dollar may also be in the spotlight. “Since early November, the Ringgit has risen vis-à-vis the USD (+7.6%), Yuan (+5.9%), and SGD (+3.7%).”

“An extended reversal of the USD (after rising since end-May last year) may benefit emerging markets (such as Malaysia) and currencies (such as the Ringgit) as funds exit the US in search of better investment returns in the future,” it added.

Read more : Money Compass

Tags: businessCapital MarketEconomyKenanga ResearchMalaysiaMalaysian market
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