Opening Daily Highlight
Mixed
Sideways Trend expected amid earnings
Mon, 19-Feb-2024 07:49 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.34%) closed green which in line with the regional market performance on last Friday. On the other hand, the lower liners extended their gains, while majority of the sectors closed green with the exception of 3 major sectors.
  • Global Markets Review. US stock markets declined in last Friday following stronger-than-expected producer prices, dampening prospects of interest rate cuts by the Federal Reserve in coming months. Nonetheless, European stock markets closed higher buoyed by strong earnings updates and optimism surrounding potential rate cuts by the European Central Bank, while Asia stock markets closed mostly higher.
  • Market Outlook. Coming to this week, we opine that the FBM KLCI may continue to trend sideways ahead corporate result season. Foreign funds inflow should continue to provide support the local stock market. Globally, investors may also adopt a wait-and-see approach ahead of the US FOMC minutes meeting later this week for further clues over the interest rate direction. We expect to see some selling pressure in Technology sector today that may mirror the Nasdaq’s weakness on last week. Meanwhile, we favour the stocks which has large exposure in the export markets, premised to the weaker Ringgit against the Greenback.
Sentiment: Positive
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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