Opening Daily Highlight
Mixed
Back into consolidation
Thu, 04-Apr-2024 06:56 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.71%) drifted lower as the key index snapped a three-day winning streak as weakness were evident in majority of the banking heavyweights. The lower liner, however, edged higher, while the Energy sector (+0.95%) topped the sectorial peers on higher crude oil prices.

• Global Markets Review. Wall Street ended mixed on a choppy trading session after US Federal Reserve Chairman Jerome Powell reiterated that interest rate cut will happen in 2024, but at a later time. European stock markets rebounded after the softer-than-expected Eurozone’s inflation data boost expectations over the prospects of interest rate cuts, while Asia stock markets ended in red as the Taiwan’s earthquake rattles sentiment.

• Market Outlook. Expectedly, the FBM KLCI took a breather yesterday as profit taking took precedence. Moving forward, we expect some mild recovery, owing to the slightly dovish stance from the US counterpart. Although the lower liners managed to claw their way into the positive territory, we advocate any signs of pullback will be taken as a signal to lock in recent gains. Economic wise, investors will be monitoring on the Eurozone’s non-manufacturing PMI data. We continue to favour the oil & gas sector post OPEC+ meeting which producers maintain their stance to extend production cuts till June 2024. Likewise, the plantation sector may march higher with CPO prices re-testing RM4,000/MT.

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