Opening Daily Highlight
Mixed
Expecting positive Wall Street to spillover
Mon, 26-Feb-2024 11:51 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.45%) closed lower, despite positive regional stock market performance. Meanwhile, the lower liners closed mixed. Utilities sector remained as biggest loser on profit taking in YTL and YTLPOWER. Technology sector surged mainly propelled by buying interest in semiconductor related stock following Nvidia’s strong earnings and guidance.
  • Global Markets Review. Wall Street soared overnight to closed record highs driven by investors flocking to growth and technology stocks after AI poster child Nvidia's impressive earnings and outlook. European market surged higher on Thursday, propelling the benchmark index to a record close after data showed Eurozone business activity was returning to growth. Meanwhile, Asian stock markets ended mostly higher.
  • Market Outlook. We anticipate the FBM KLCI to trade in positive territory, supported by a slew of stellar corporate earnings and positive sentiment from the global stock market overnight. Bargain hunting activities may also emerge in stocks that have staged a pullback over the past two session. We believe the positive momentum in technology, particularly semiconductor-related counters, to extend following the surge in the Nasdaq overnight. Additionally, we expect O&G counters to attract buying interest due to the higher oil prices overnight. We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the Ringgit against the US Dollar.
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