Opening Daily Highlight
Mixed
Stabilising above 1,500
Fri, 02-Feb-2024 07:53 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.02%) ended relatively unchanged ahead of the mid-week break anchored by gains in TENAGA (+2.29%). The lower liners extended their pullback, while the Energy sector (+1.81%) was amongst one of the three sectors that outperformed
  • Global Markets Review. Wall Street staged a swift recovery as the Dow jumped 0.97% higher on positive revenue guidance from Meta Platforms and stronger-than-expected sales from Amazon. European stock markets edged lower on a choppy trading session, but Asia stock markets finished mixed.
  • Market Outlook. We expect some stability to come by with the key index likely to be supported above 1,500 level. The lower liners which are experiencing renewed volatility may see a consolidation with investors turning more defensive following the resumption of trading after the mid-week break. With Malaysia’s PMI hitting 16-month high in January 2024, we reckon that may provide some cushion to further downside, if any, while the strong gains on Wall Street may also potentially lend support to domestic equities. Economic wise, investors will be keeping a close tab onto the release of US unemployment rate and consumer sentiment data later tonight. After six consecutive sessions of retracement, we reckon the technology sector could be bracing for a potential recovery, mirroring the gains on Nasdaq overnight.
Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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