Opening Daily Highlight
Mixed
Pullback beckons
Tue, 26-Mar-2024 07:42 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.31%) started off the week on a dour note as the key index lingered in the negative territory before edging lower on weakness in more than half of the key index components. The lower liner, however, extended their gains, while the Transportation & Logistics sector (+1.63%) outperformed the mixed sectorial peers.

  • Global Markets Review. Wall Street extended its decline on concerns over the recent rally has overshot valuations, while consensus earnings estimates revised lower. The European stock markets ended mixed, while Asia stock markets closed mostly negative as Chinese stocks fell on concerns that US will impose more export restrictions on the country.

  • Market Outlook. The hotter-than-expected inflation data sent the local bourse lower yesterday. We expect the downward bias consolidation tone to linger, taking cue from the negative developments on Wall Street overnight. Meanwhile, the lower liners may extend its recovery stance that is supported by stability in trading liquidity. We favour the oil & gas sector on concern over tighter global supply following escalating conflict in the Middle East and between Russia and Ukraine, alongside with shrinking US rig count. Meanwhile, the extended rally in cocoa prices and the and the improved export value of cocoa products are expected to lift trading interest in cocoa-related players.
Sentiment: Negative
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.214533 4.248909
EUR 4.942032 4.952931
CNY 0.589638 0.591023
HKD 0.536766 0.541180
SGD 3.305086 3.332493