Opening Daily Highlight
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All eyes on Malaysia 4Q23 GDP
Fri, 16-Feb-2024 07:58 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (-0.06%) extended its sideways trend as investors monitor for new catalyst to drive the market forward. On the other hand, the lower liners rebounded, while the telco sector (+1.04%) outperformed among its sectorial peers.

Global Markets Review. US stock markets rally extended despite retail sales data declined more than expected, fueling optimism that the Federal Reserve will move to reduce interest rates in coming month. Similarly, the European stock markets was up as investors digested a flurry of corporate earnings, while Asia stock markets has rebounded.

    Market Outlook. Despite the optimism from the global market, we opine that the FBM KLCI may continue to trend sideways as investors may stay on the sidelines ahead of the result season. Any pullback is expected to be well cushioned by the sustained foreign fund inflow as of late. Looking ahead, key economic data that will be closely monitored includes Malaysia’s 4Q23 GDP, UK’s retail sale and US’s PPI. 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 stocks which has large exposure in the export markets, premised to the weaker Ringgit against the Greenback.

    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