Opening Daily Highlight
Mixed
Supported by foreign funds inflow
Tue, 20-Feb-2024 07:40 am
by Jayden Tan • Apex Research

  • Malaysia Market Review. The FBM KLCI extended its gains by 0.33% on Monday, despite mixed performance in regional stock markets as foreign funds continued to provide support. The lower liners, however, closed mixed. The property sector emerged as the biggest gainer, while the utilities sector ranked as the biggest loser.
  • Global Markets Review. US stock markets were closed overnight on Washington’s Birthday public holiday. European stock markets closed in positive territory, continuing the largely positive sentiment from the previous week. Asian stock markets ended mixed, as China's market rose after traders returned from the long festive break, while Hong Kong stocks fell.
  • Market Outlook. The FBM KLCI is expected to maintain a sideways trend as investors await earnings releases, which are set to pick up speed this week. Uninterrupted foreign funds inflow for the past 12 straight session is likely to provide support to the local stock market. Globally, investors may adopt a cautious stance as they await further clues on the direction of interest rates from the US FOMC meeting minutes scheduled for later this week. Investors may want to keep an eye on the Plantation sector, which recently rose to a 20-month high ahead of earnings releases. Additionally, stocks with significant exposure to export markets may be favoured, given the weaker Ringgit against the US Dollar. Logistics-related stocks may be in focus with freight rates charging higher since the start of the year.
Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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