Opening Daily Highlight
Mixed
Floating above 1,500
Tue, 06-Feb-2024 08:08 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.35%) edged lower yesterday, dragged down by losses in YTL and YTL Power as gains in 14 index components were negated by losses 12 index components. The lower liners extended their decline as the Telecommunications sector (+0.69%) was the top performer while Utilities sector (-1.39%) was the worst performer.

  • Global Markets Review. US markets closed negative with the S&P500 and Dow Jones coming off their record highs after the Federal Reserve highlighted that a rate cut in March 2024 is unlikely. European stock markets also finished lower after the Fed’s comment, while Asian stock markets ended lower.

  • Market Outlook. It appears that the FBM KLCI may look to defend the 1,500 psychological level and we expect weakness to prevail following the negative sentiment in Wall Street overnight. The lower liners may also edge lower on the back of an extended pullback, coupled with the absence of fresh leads. Economic wise, investors will be keeping a close tab onto the release of European retail sales later today. Back home, the market will monitor economic announcements this week such as IPI, retail sales and unemployment data later this week. With the renewed strength in the Greenback against the Ringgit following the hawkish tone delivered by the US Federal Reserve overnight, we expect export-related stocks to come into the limelight.
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