Opening Daily Highlight
Mixed
Benchmark extended recovery
Mon, 11-Mar-2024 07:26 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (+0.26%) extended its upward trend in tandem with positive wall street performance in Thursday. However, the lower liners closed negative, while the telecommunication sector (+1.03%) was the top performer in contrast with the Utilities sector which underperformed by -1.1%.

Global Markets Review. Wall Street ended the week with a negative note with the S&P 500 and Dow down -0.65% and -1.53% respectively, while the Nasdaq fell -1.53% as rally in Nvidia lose steam. European markets closed flat while Asian equities rose after receiving hints from Powell on potential rate cut.

Market Outlook. The FBM KLCI is expected to remained choppy, in view of the softer global market performance. The lower liners may also see weakness on the back tepid trading sentiment. Economic wise, all eyes will be focusing on US inflation data to be release this week. We reckon the technology sector may face a potential pullback hence, we advise investors to exercise caution when trading in this sector. Meanwhile crude oil price has also fallen dragged by the lackluster demand from China. Nonetheless, we believe this presents an opportune moment for investors to engage in bottom fishing, considering the ongoing supply constraints that are expected to persist in the foreseeable future, particularly as tensions in the Middle East continues.

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