Opening Daily Highlight
Mixed
Extended positive momentum
Fri, 26-Jan-2024 07:44 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.53%) positive momentum extended for the fourth consecutive session as the key index closed above 1,500 level Bank Negara kept OPR rate unchanged. Similarly, lower liners closed mostly higher, led by Property (+1.85%) and Utilities (+1.38%) sector.
  • Global Markets Review. Wall Street closed higher after a stronger than expected economic growth, slowing inflation and mostly upbeat corporate earnings, reinforced expectations for a soft landing, prompting lower treasury yields. Similarly, European stock markets closed higher after ECB holds interest rates and positive US economic growth. Asia stock markets led gains by China and Hong Kong following the announcement by the People’s Bank of China regarding a reduction in reserve requirements for the country’s lenders.
  • Market Outlook. Given the extended positive momentum in global market, we expect spillover effect into the local market. Meanwhile, the improved sentiment in the selling off of small-cap stocks may provide further upside for lower liners. Economic wise, investors are now awaiting Fed interest rate decisions on next week. Key focus will remain onto the on-going barrage of corporate earnings releases on Wall Street. Back home, we are optimistic on Property and Building material sectors following news of China plans to boost liquidity on property sector. Also, Energy sector may outperform in view of the spike in crude oil price.
Sentiment: Neutral
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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