Opening Daily Highlight
Mixed
Sustained positivity
Mon, 29-Jan-2024 08:10 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.14%) remained upbeat, lifted by gains in selected utilities and banking heavyweights on last Friday. The lower liners, however, edged lower on mild profit taking, while the Healthcare sector (+2.17%) outperformed to close at the highest level in three-weeks.
  • Global Markets Review. Wall Street finished mixed as the Dow added 0.16%, but the S&P 500 and Nasdaq shed -0.07% and -0.55% on the back of mixed economic data which prompt uncertainties over the timing of potential interest rate cut. European stock markets jumped sharply higher as European Central Bank president Christine Lagarde signaled for more dovish tone over the prospects of the region’s interest rate cut, while Asia stock markets closed mixed.
  • Market Outlook. With the local bourse remained largely upbeat, we reckon that the positive momentum may extend towards this week in absence of fresh negative developments. The lower liners, however, may turn slightly choppy on the prospects of quick profit taking on another holiday-shortened trading week. On the global front, investors will continue to eye onto the US corporate earnings releases. Economic wise, investors will be keeping an eye onto the release of Malaysia’s Producer Price Index data later today. We favour oil 7 gas stocks in view of the extended gains in oil prices, while plantation stocks are also in better position to leverage onto the improved CPO prices that ticked above RM4,000/MT.
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