Opening Daily Highlight
Mixed
Extended recovery
Wed, 03-Apr-2024 07:36 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.26%) took another step higher, lifted by gains in more than half of the key index components yesterday. The lower liners also advanced, while the Healthcare sector (+1.52%) outperformed the mixed sectorial peers.

• Global Markets Review. Wall Street extended its decline as the better-than-expected jobs opening and factory data sparked concern over the interest rate may be kept higher for longer. European stock markets also turned downbeat after erasing all their intraday gains, while Asia stock markets closed mixed.

• Market Outlook. With choppiness took shape across global equities, we reckon the negative developments may permeate to stocks across Bursa Malaysia today. A pullback on the local bourse is likely to take precedence after notching three consecutive sessions of gains. Meanwhile, the rally in lower liners may also take a breather as stocks hit their overbought levels. Economic wise, investors will be keeping an eye onto non-manufacturing PMI data in several countries (Japan, China & US) today alongside with the US Federal Reserve Chairman Jerome Powell testimonial. We remain upbeat onto the oil & gas sector, riding onto the rising crude oil prices ahead of OPEC+ meeting today. Also, the plantation sector may be in the spotlight as CPO prices rallied to the highest level since February 2023.

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