Opening Daily Highlight
Mixed
Recovery to resume
Fri, 01-Mar-2024 08:03 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.38%) staged a mild

recovery from the previous session losses on quick bargain hunting in

more than half of the key index components. The lower liners closed mixed

after coming off from their intraday lows, while the Utilities sector (-

1.76%) remained as the biggest decliner amongst the sectorial peers.

• Global Markets Review. Wall Street finished mildly higher after a

choppy trading session as investors were comforted by the release of

personal consumption expenditure data that came in line of market

consensus. Both the European and Asia stockmarkets closed on a mixed

tone.

• Market Outlook. We expect the FBM KLCI to march higher as signs of

recovery are on the cards. Given that the US markets have turned calmer

overnight, we reckon the path of potential interest rate cut in the world

largest economy remains on track in June 2024. With the conclusion of

quarterly earnings growth, the key focus will focus towards economic data.

For today, investors will be keeping a close tab onto the release of

Malaysia’s inflation rate data. We favour the technology sector that is

expected to mirror the positive performance on Nasdaq that re-claimed

16,000 level overnight. Also, the energy sector will be

Sentiment: Neutral
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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