Opening Daily Highlight
Mixed
Great end towards 1Q2024
Mon, 01-Apr-2024 07:38 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (+0.36%) ended the quarter on an upbeat manner, driven by gains in close to two-third of the index components as the key index rose 5.6% qoq. The lower liners also advanced, while the Energy sector (+0.99%) outperformed the mostly positive sectorial peers following the rising crude oil prices.

Global Markets Review. Wall Street and European stock markets was closed in conjunction with the Good Friday public holiday. Meanwhile, Asia stock markets ended mostly upbeat in quiet holiday trading session, taking cue from the positive developments on Wall Street overnight.

    Market Outlook. After delivering a decent performance in 1Q2024, we reckon the FBM KLCI is posed for an extended upside, owing to the improving economic outlook that will be supported by the implementations of key national blueprints. The lower liners are also turning fairly stable amid the positive market breadth. Moving into April 2024, investors will be focusing onto the barrage of US corporate earnings releases with estimated 1Q2024 earnings growth rate for the S&P 500 at +3.6% yoy. Meanwhile, key economic data to be focus include Malaysia, China and US manufacturing PMI to be release later today. We reckon the approval of Penang LRT Mutiara Line project that is slated for construction in 4Q2024 is a boon for the construction sector.

    Sentiment: Positive
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