Opening Daily Highlight
Mixed
Rangebound mode persists
Fri, 29-Mar-2024 08:19 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.51%) retreated after lingering mostly in the negative territory, dragged down by telco heavyweights yesterday. The lower liners staged a pullback, while the Plantation sector (-0.63%) underperformed following the weaker CPO prices.

  • Global Markets Review. Wall Street finished on an upbeat mode ahead of the extended weekend break as investors believe the largest economy will be able to pull off a soft-landing owing to the stability in recent economic data. The European stock markets also marched higher, while Asia stock markets finished mixed.

    • Market Outlook. With the resumption of trading today following the mid-week break, we expect investors and traders may take a step back to assess of any potential catalyst. Nevertheless, the FBM KLCI is largely poised to record a solid Q1 2024 performance. The lower liners are turning slightly wobbly following the recent surge and we expect any pullback deemed healthy to allow gains to be digested. Key economic focus for today lies onto Japan’s unemployment rate and retail sales data. We continue to favour the oil & gas sector in view of the rising crude oil prices on the prospect of OPEC+ staying the course on production cuts, attacks on Russia's energy infrastructure and a falling US rig count which tightens supplies. Meanwhile, gold prices that surge above US$2,000/oz may present trading opportunities within gold-related stocks.
    Sentiment: Neutral
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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