Opening Daily Highlight
Mixed
Bargain hunting to emerge
Thu, 21-Mar-2024 08:09 am
by Jayden Tan • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (-0.59%) extended its pullback as investors awaited interest guidance from US Federal Reserve. The lower liners closed mixed with Healthcare (+1.71%) and Energy sector (+1.22%) as the top gainers following improved quarter results from Top glove after midday break and higher oil prices.
  • Global Markets Review. Wall Street advanced with Nasdaq leading the pack after the US Federal Reserve guided and reinforce expectations that interest rate cut of three times in 2024. European market closed mixed ahead of US Federal Reserve interest rate decision, while Asia-pacific market closed mostly green after China kept loan prime rates unchanged.
  • Market Outlook. We expect to see a positive spillover into the local market today following the dovish guidance from the US Federal Reserve overnight. Still, any gains could be tempered by the extended outflow of foreign funds. Looking ahead, investors will be keeping a close tab onto US existing home sales later night. In terms of sectors, we anticipate buying interest in the technology sector after Nasdaq led gains on Wall Street. We also like the plantation sector that is riding onto the higher CPO prices. Additionally, we expect the healthcare sector to maintain its momentum following improved quarterly financial performance from Top Glove.
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