Opening Daily Highlight
Mixed
Turning flattish
Thu, 08-Feb-2024 07:52 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.01%) remained flat yesterday as gains in YTL and YTL Power cushioned the decline in half of the key index components. The lower liners retreated with the Utilities sector (+1.30%) emerging as the top performer, while the Telecommunications sector (-1.05%) underperformed.

  • Global Markets Review. US markets rallied with the Nasdaq extending its record high level, while S&P 500 edging closer to 5,000 psychological level, following another slate of strong corporate results such as Ford and Chipotle Mexican Grill. European stock markets finished lower on uncertainties of rate cut, but Asia stock markets ended mostly higher.

  • Market Outlook. Following the recent flattish trend, the FBM KLCI could continue to consolidate above the 1,500 psychological level in absence of fresh catalyst. Still, any downside if any, is expected to be well cushioned by sustained foreign fund inflow in recent days. The lower liners may also turn into consolidation following yesterday’s recovery. We expect the market to remain lacklustre ahead of the Chinese New Year festive break. Economic wise, the markets may react to China’s inflation data later today. Back home, investors will monitor retail sales data today and unemployment data tomorrow. We favour the technology sector that may ride onto the bullish momentum on Nasdaq overnight.
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