Market Outlook
Mixed
1H24 Market Strategy - Ascending into the Year of Dragon
Tue, 02-Jan-2024 08:53 am
by Research Team • Apex Research

Summary

  • Execution of key blueprints laid out in 2023 will be the key focal point to drive economic reformation, while the prospects of corporate earnings growth will entice market participants into the equity markets.
  • Amidst the prospects recovery alongside with interest rate cuts from US that may drive investor back into emerging markets, we advocate investors to turn slightly aggressive with selective sector to be in focus such as construction, property, technology and healthcare.
  • We also favour the renewable energy (RE) sector on the back of the various incentives to spur business to adopt more green and sustainable measures, coupled with tourism sector that will ride onto the full-blown recovery in global travel.
  • Our 2024F and 2025F year-end target for FBM KLCI are 1,560 and 1,650 respectively, based on assigned 14.0x PE multiple.
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