Opening Daily Highlight
Mixed
Foreign funds dictate market direction
Wed, 21-Feb-2024 07:46 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI surged +1.1% on Tuesday, marking a strong gain, despite mixed performance in regional stock markets. The rally was primarily driven by strong buying interest from foreign funds, with net buy of RM414m. Lower liners also closed higher alongside with the key index. The energy sector led the gains, buoyed by Dialog's stellar quarterly results.
  • Global Markets Review. US stock markets experienced a downturn led by Nasdaq, dragged by Nvidia which stumbled ahead of the release of earnings report. Similarly, European stock markets closed slightly lower. Asian stock markets ended mixed, despite China delivered rate cut on key mortgage rate to aid property market.
  • Market Outlook. The FBM KLCI’s rally is likely to take a pause amid weakened sentiment in the global stock markets. However, continuous inflows of foreign funds for the past 13 consecutive sessions are likely to provide support to the local stock market. Meanwhile, key focus on the global front would be the release of FOMC minutes later tonight. We opine investors to lookout for the Energy sector closely, which recently reached a 3-year high, supported by stellar financial results and strong capex and projects from upstream segment. However, the fall in oil prices overnight may dampen buying interest in the sector. On the other hand, there may be some buying interest in consumer stocks following positive financial results from Teoseng and Dutch Lady.
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