Opening Daily Highlight
Mixed
No signs of pullback yet
Tue, 30-Jan-2024 08:05 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (+0.60%) delivered its sixth straight winning run with two-third of the key index components advanced. The lower liners, however, extended their consolidation, while the Plantation sector (+1.35%) outperformed on higher CPO prices yesterday.

Global Markets Review. Late charge sent Wall Street higher with the Dow adding 0.59% and S&P 500 topped 4,900 pts after ten-year treasury yield falls by seven basis points, while investors were optimistic over clues of potential interest rate cut from the US Federal Reserve later this week. European stock markets ended on a flat note, while Asia stock markets finished mixed.

    Market Outlook. Given that there is no sign of pullback on the local bourse, we maintain our view that further upside is still prevalent at this juncture. The lower liners may continue to consolidate with quick profit taking as well as mild bargain hunting may emerge to support any downside. Investors will be kept busy with mega-cap technology giants such as Microsoft, Alphabet, Apple, Amazon and Meta Platforms scheduled to release their quarterly earnings later this week. Economic wise, the advance reading of Eurozone’s 4Q23 GDP data will be monitored today. We favour the technology sector that may mirror the positive performance on Nasdaq overnight, while the retracement of crude oil prices may lead to profit taking in oil & gas stocks.

    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