Opening Daily Highlight
Mixed
Global stock market sentiment faltered
Thu, 22-Feb-2024 07:47 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI took a breather on yesterday, slipping -0.21% in line with the mixed performance of regional stock markets. However, continued buying support from foreign funds helped cushion the downside of the main index. Lower liners also closed in the red alongside the key index. The energy sector was the biggest loser after previous session surge, primarily dragged down by lower oil prices.
  • Global Markets Review. Wall Street closed mixed following the release of FOMC minutes meeting that reaffirmed expectations of no imminent interest rate cuts. The Nasdaq closed lower ahead of Nvidia's earnings. European stock markets also edged lower. Asian stock markets ended mixed, reflecting the performance of the US stock market on Tuesday.
  • Market Outlook. We anticipate the FBM KLCI to trade flat today, influenced by weakened global stock market sentiment, of which any downside will be supported influx of foreign funds inflows. The lower liners may brace for a consolidation following the recent rally. Meanwhile, semiconductor stocks are expected to attract buying interest following Nvidia's better-than-expected earnings and guidance, along with the surge in Nasdaq futures. Additionally, O&G counters may resume their uptrend after the rebound in oil prices, driven by market assessments of near-term supply tightness due to geopolitical tensions in the Middle East. We remain bullish export-related stocks as the prolonged high interest rates in the US is likely to weaken the Ringgit against the US Dollar.
Sentiment: Negative
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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