Opening Daily Highlight
Mixed
Earnings to dictate market sentiment
Tue, 27-Feb-2024 05:36 pm
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.45%) rebounded, led by swift recovery in YTL and YTLPOWER on last Friday as the key index rose 1.0% on weekly basis. The lower liner, however, edged lower, while the Utilities sector (+3.14%) charged higher to finish at fresh record high.
  • Global Markets Review. Wall Street finished mixed after a choppy trading session as concern mounts over the magnitude of recent rally may not be sustainable, while 10-year treasury yields retreated. European markets extended their lead, while Asia stockmarkets ended mostly upbeat.
  • Market Outlook. We expect the FBM KLCI to trade in a consolidation pattern as investors anticipates for fresh catalyst. Looking ahead, key focus lies onto the pinnacle of quarterly reporting season which will dictate market sentiment. Globally, we reckon the rally in US markets may not be sustainable and mild pullback from their overbought zone beckons. Economic wise, investors will be keeping their eyes onto US new home sales data to be release tonight. Meanwhile, we expect trading interest to remain in Utilities sector that is riding onto the upbeat momentum, coupled with Transportation & Logistics sector with the Baltic Dry Index advancing to near two-month high. We also expect some weakness in oil & gas stocks following the retracement in crude oil prices on last Friday.
Sentiment: Neutral
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