Opening Daily Highlight
Mixed
All eyes on US inflation data
Tue, 12-Mar-2024 07:52 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.31%) extended its recovery for a third day led by buying interest in selected blue chip stocks. However, the lower liners were downbeat with the construction sector (+0.38%) outperformed, while the energy sector (-0.36%) suffered from the weakness in crude oil price.
  • Global Markets Review. Wall Street was mixed with the S&P 500 and Nasdaq fell -0.11% and -0.37% respectively, while the Dow rebounded +0.12% as investor took a more cautious approach ahead of the release of US inflation data. European markets ended lower as shares of Austria’s Raiffeisen Bank tumbled amid concerns that it could face US sanctions for business transactions with Russia, while Asian equities retreated.
  • Market Outlook. The FBM KLCI is expected to maintain a sideways trend as investors await the release of US CPI data that could heavily influence the Federal Reserve's interest rate path. The lower liners may also see weakness on the back tepid trading sentiment. Economic wise, all eyes will be focusing on Malaysia’s industrial production, US inflation and UK unemployment rate to be release this tonight. The construction sector may continue to ride onto government's plans to expedite numerous large-scale projects. Besides that, the firmer CPO prices that broke above RM4,100/MT mark may alleviate trading interest within plantation sector. We also favour the logistics sector after the government widens scope of service tax exemption for logistics business-to-business (B2B) transactions.
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