Opening Daily Highlight
Mixed
Resumption of uptrend
Wed, 28-Feb-2024 08:36 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.72%) advanced to close at its highest level since May 2022, driven by gains in more than two third of the key index components. The lower liners, however, ended lower, while the Utilities sector (+1.76%) anchored the mostly positive sectorial peers to close at fresh all-time high.

• Global Markets Review. Wall Street finished mixed with traders refrained from taking large positions ahead of upcoming inflation data. European markets closed mostly higher, while Asia stockmarkets ended mixed as Japan’s inflation data topped expectations and consequently reinforce expectations of rate hike by Bank of Japan.

• Market Outlook. Following the sturdy performance on the local bourse, we reckon upsides may prevail over the interim with investors rides onto the upbeat momentum that is also anchored by the buying support from foreign funds. Adding on to the optimism was G20 chiefs’ remarks that global economy has increasing possibility to pull off a soft landing. The lower liners, however, will remain choppy with focus are onto larger cap stocks, while investors continue to digest a flurry of corporate earnings releases. We favour the utilities sector that is trading at all-time high, while the rise in crude oil prices as attacks on shipping in the Red Sea have exacerbated supply.

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