Opening Daily Highlight
Mixed
Mild pullback
Thu, 15-Feb-2024 08:02 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (-0.13%) declined yesterday after profit taking activities occurs in selected banking heavyweights. The lower liners closed negative, while the telco sector (+0.37%) outperformed the mostly negative sectorial peers

Global Markets Review. US stock markets climbs higher as ride-hailing platforms Lyft and Uber rallied, while Nvidia displaced Alphabet as the U.S. stock market's third most valuable company. Similarly, the European stock markets was up, while most of Asia stock markets was affected negatively from the higher-than-expected inflation data from US.

    Market Outlook. Given the bullish momentum from the global market, the FBM KLCI could recoup part of its previous session losses. That said, we reckon that any formation of new trends will be dictated by the upcoming result season next week. Looking ahead, investors will be monitoring on to multiple economic data including UK’s 4Q23 GDP estimates, manufacturing and industrial production and US’s January retail sales. We maintain a preference for the energy sector as oil prices continue to rise despite the stubborn inflation, underscoring the persistent risk to crude supplies should geopolitical conflict in the Middle East escalates further. We also favour the plantation sector given than CPO price has been able to hold its ground around the RM3,800/mt-RM3,900/mt range but fresh catalyst is needed for further upside to occur.

    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