Opening Daily Highlight
Mixed
Unexpected Pullback
Thu, 14-Mar-2024 07:50 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI declined 1.06% as investors engaged in profit-taking activities, exercising caution in response to elevated US inflation data, while selected index heavyweights went ex-dividend. However, the lower liners staged a recovery while the energy sector (+1.65%) outperformed in line with the higher crude oil prices.
  • Global Markets Review. Wall Street has shown some weakness after a sharp decline in the technology sector in particular as Nvidia dropped -1.1%. On the other hand, European markets ended higher as investor digest inflation data while the Asian equities were mixed.
  • Market Outlook. Despite the pullback in the FBM KLCI, we reckon that the longer-term uptrend is still sustained. The lower liners are expected to see improved trading activities, riding onto the upbeat market sentiment. Economic wise, investors will be focusing on US retail sales and PPI to gauge on consumer strength. Looking ahead, the energy sector may trade actively following the rebound in crude oil prices as a result of Ukrainian striking Russian oil refineries, while the plantation sector may remain upbeat in tandem with the higher CPO prices. We also favour gold related stocks may be in focus with gold price rising on renewed Fed cut bets.
Sentiment: Negative
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Market Mover
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