Opening Daily Highlight
Mixed
Uptrend persists
Wed, 13-Mar-2024 07:55 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.31%) extended gains for the fourth day led by buying interest in banking stocks such as Maybank and CIMB. However, the lower liners were downbeat while the healthcare sector (+1.65%) outperformed.
  • Global Markets Review. Wall Street rebounded despite the higher-than expected inflation rate as investor anticipation on the timing of inflation cut remain unchanged in June 2024. Similarly, both European markets Asian equities ended higher in tandem with the recovery in the US market.
  • Market Outlook. Although the US CPI rose slightly above the February estimate of 3.1% to 3.2%, market sentiment remains positive in view that the world largest economy health remains intact. We anticipate the robust performance on Wall Street may positively influence the local stock market, leading to a sustained upward trend. The improved market sentiment also presents further upsides on the lower liners as trading interest returns. Economic wise, all eyes will be focusing on both UK and EU industrial and manufacturing production data to be release this tonight. Looking ahead, we believe the buying interest may spillover towards the technology sector on the local front, mirroring the recovery in Nasdaq. Meanwhile, we continue to favour the plantation sector that is riding onto the higher CPO prices.
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