Opening Daily Highlight
Mixed
Resumption of Wall Street rally
Fri, 08-Mar-2024 07:54 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.28%) climbed yesterday to end a two-day losing streak with 16 gainers against 8 losers among its component stocks. The lower liners also closed positive, while the Construction sector (+1.37%) was the top performer. Meanwhile, the Healthcare (-0.62%) and REIT (-0.14%) sectors were the only underperformers.

  • Global Markets Review. Wall Street rallied overnight with the S&P and Nasdaq hitting record highs after the Federal Reserve re-iterate their stance of monetary policy easing this year. European markets also surged after the European Central Bank’s meeting while Asian equities ended mixed yesterday.

  • Market Outlook. Following yesterday’s recovery, we expect the FBM KLCI to consolidate above the support of 1530 points as Bank Negara maintained its OPR at 3% in line with market consensus. The lower liners which rebounded recently could extend their gains, albeit on small steps premised to the improved market sentiment, while traders are also taking this opportunity to nibble onto beaten down stocks. Economic wise, investors will be monitoring the EU’s 4Q GDP and US nonfarm payrolls later tonight. We reckon the technology sector may stage a recovery, taking cue from the positive developments on Nasdaq overnight. Also, the rising gold prices, while the solid CPO prices above RM4,000/MT may garner some trading opportunities within gold-related and plantation 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