Opening Daily Highlight
Mixed
All eyes on Bank Negara OPR
Thu, 07-Mar-2024 08:26 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.36%) remained lackluster with 18 losers against 11 gainers among its component stocks yesterday. However, lower liners were positive yesterday while the Plantation sector (+0.58%) was the sole outperformer amongst the sectorial peers. Meanwhile, the Energy sector was the worst performer (-1.26%).

  • Global Markets Review. Wall Street rebounded overnight after the Federal Reserve re-assured markets that the central bank will cut interest rates in 2024, but not over the foreseeable future. Both the European and Asia stock markets were also positive yesterday.

  • Market Outlook. We expect the FBM KLCI to rebound today following overnight gains in Wall Street. Market sentiment could be cheered by the more dovish tone from the US Federal Reserve overnight. The lower liners which rebounded yesterday could extend their gains, albeit on small steps. Investors will be monitoring Bank Negara’s OPR decision later today and we expect interest rate to stay pat at 3% in view that there is no major shift in economics fundamentals. We reckon the technology sector may stage a recovery, taking cue from the positive developments on Nasdaq overnight. The smaller-than-expected buildup in inventories which pushed crude oil prices present some trading opportunities within oil & gas stocks.
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