Opening Daily Highlight
Mixed
Starting 2Q2024 on upbeat tone
Tue, 02-Apr-2024 07:36 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.52%) extended its gains, driven by the upbeat tone in two-third of the key index components yesterday. The lower liners also extended their lead, while the Construction sector (-0.81%) underperformed the mostly positive sectorial peers as profit taking activities took precedence.

• Global Markets Review. Wall Street retreated after the solid ISM Manufacturing data which rose to 50.3 in March 2024; the first expansion in after 16 months of contraction reinforced speculations that the US Federal Reserve will be delivering another hawkish stance over future interest rate direction. European stock markets were closed for Easter Monday public holiday, while Asia stock markets ended mixed.

• Market Outlook. Although investors brushed off the sluggish manufacturing PMI data yesterday, we opine the upbeat momentum may take a mild breather today. Still, any pullback will be cushioned by World Bank maintaining Malaysia’s GDP growth forecast at +4.3% yoy in 2024 that will be driven by acceleration of household spending amid moderating inflation. Meanwhile, the lower liners are also bracing for more upsides, supported largely by the positive market sentiment. We continue to favour the oil & gas sector, premised to the stability in crude oil prices that is inching higher for the third straight session. The open tender for LSS5 programme is expected to boost trading interest within solar-related players.

Sentiment: Positive
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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