Opening Daily Highlight
Mixed
Cautious amidst softer sentiment
Mon, 18-Mar-2024 08:31 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (+0.59%) traded flat for the most of the day before marching higher on last minute buying due to quadruple witching day settlements which bucked the mostly negative regional markets. The lower liners edged higher with only 4 sectors closed red while the property (+1.20%) and utilities (+1.02%) sectors topped the winners lists.

Global Markets Review. Wall Street extended its decline last Friday, with losses led by technology stocks as investors assessed the interest rate outlook ahead of the Federal Reserve meeting scheduled for next week. Similarly, European markets edged lower after reaching record highs in three of the past five sessions, fueled by concerns of a potential postponement of an interest rate cut by the Fed. Asian markets mostly closed in the red, with the Hong Kong index falling nearly 2%.

    Market Outlook. We anticipate the KLCI index to experience some profit taking today, post-quadruple witching day on last Friday, coupled with the negative sentiment across global stock markets. Similarly, the lower liners are expected to be dragged down by softer sentiment as investors await new catalysts and guidance on Fed interest rates this week. Over the interim, we remain bullish on the energy sector, supported by sustained high crude oil prices. However, we expect the technology sector to face selling pressure, especially after Nasdaq led the losses, amid concerns about the Fed's hawkish stance on interest rates.

    Sentiment: Negative
    Read more details in:

    Disclaimer

    The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

    Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

    Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

    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