Opening Daily Highlight
Mixed
Extended flattish trend
Tue, 05-Mar-2024 08:16 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.08%) surrendered intraday gains to end the day flat with 13 gainers against 17 losers. The lower liners were remained negative while the Construction sector rebounded strongly (+1.0%) as the top performing sector. Meanwhile, Technology (-0.78%) and Telecommunications (-0.77%) were the worst performers.

• Global Markets Review. Wall Street declined overnight due to profit taking after the Nasdaq and S&P hit record highs last week as Treasury yields rose. European equities also ended lower while Asian stock markets were bullish yesterday.

• Market Outlook. We expect the FBM KLCI to remain sideways over the interim after unable to surpass the recent high of 1,560. The lower liners may remain choppy in view of the absence of fresh lead post earnings season. Looking ahead, investors will be monitoring for direction of US interest rates as the US Federal Reserve Chair Jerome Powell testifies to the Congress on Wednesday. The market will also take note of US employment data this week alongside with a slew of economic data (PMI services and composite) across the globe. We reckon the plantation sector may trade actively as CPO prices hovers near RM4,000/MT.

Sentiment: Neutral
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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