Opening Daily Highlight
Mixed
Positive Wall Street to spillover
Tue, 19-Mar-2024 08:20 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.05%) closed nearly flat amid regional market closed mostly green. Similarly to mixed performance of lower liners. Utilities sector and Energy sector emerged as the top gainers, recording gains of +2.21% and +1.35% respectively following the rebound of YTL, YTL power and sustained high crude oil prices.
  • Global Markets Review. Wall Street's main indexes closed higher on Monday, with megacap growth stocks such as Alphabet and Tesla leading a rebound in the technology-heavy Nasdaq. Meanwhile, European market closed slightly lower. Asian market mostly ended higher led by Japan’s Nikkei and China stock market after better-than-expected China retails sales and industrial production data.
  • Market Outlook. We anticipate a positive spillover from Wall Street into the local stock market today. Additionally, upbeat economic data from China may further bolster sentiment. However, this upside may be tempered by investors awaiting new catalysts and guidance on Fed interest rates this week. Meanwhile, Bank of Japan may kept benchmark interest rates unchanged and could potentially signal for an end of negative interest rate policy in view of rising wages and improving economic outlook. Sector wise, we maintain a bullish outlook on the energy sector in the near term, supported by the ongoing rise in oil prices. Furthermore, we expect the technology sector to lead gains today, following the strong rebound in the Nasdaq index.
Sentiment: Neutral
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