Opening Daily Highlight
Mixed
Still within consolidation
Fri, 22-Mar-2024 07:58 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.37%) ticked higher, taking cue from the positive developments on Wall Street overnight. The lower liners also advanced, while the Property sector (+1.49%) topped the mostly positive sectorial peers to close at the highest level since September 2018.
  • Global Markets Review. Wall Street extended their lead to fresh record high levels on optimism surrounding the world largest economy may be able to pull off a soft landing following the latest batch of solid economic data. European market closed positive after Bank of England kept benchmark interest rate unchanged for the fifth straight meeting, while Asia-pacific market closed mostly higher after People Bank of China signalled potentially liquidity boost for banks.
  • Market Outlook. With the key index attempting to find stability, we reckon upsides could persist in absence of major negative developments. The improved market sentiment may also present greater trading opportunities amongst the lower liners. Meanwhile, the positive sentiment on Wall Street may also spillover to local equities, while foreign funds have turned net buyers for the first time in seven days. We favour the tourism sector after Malaysia Aviation Group (MAG) has turned green in FY23, for the first time since 2014, coupled with the potential hosting of 2026 Commonwealth Games. Meanwhile, profit taking may emerge within the oil & gas sector following the pullback in crude oil 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