Opening Daily Highlight
Mixed
Driven by Fed dovishness
Fri, 05-Apr-2024 07:08 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+1.06%) rallied sharply yesterday, as investors were relieved by the slightly dovish remarks from the US Federal Reserve. The lower liners remained upbeat, while the Technology sector (-0.32%) was the sole underperformer.

• Global Markets Review. Wall Street turned downbeat in the eleventh trading hour, dragged down by flaring tensions in the Middle East. Both the European and Asia stock markets closed mostly upbeat with the latter on bargain hunting from previous session slump.

• Market Outlook. While the FBM KLCI managed to recover all its previous session losses yesterday, volatility is expected to remain on the fore in view of the negative developments in the Middle East. The lower liners that enjoyed a decent run have also turned much overbought and this may signal for a potential consolidation. For today, investors will be keeping a close tab onto US unemployment data later tonight. We remain upbeat over the oil & gas sector that is riding onto the higher crude oil prices (Brent oil topped US$90/bbl) as markets weighed the potential for Iran’s backlash after a suspected Israeli attack on its consulate in Damascus. Consequently, the firmer gold prices, which is touted as a safe-haven assets rallied that this will attract investors towards gold-related stocks.

Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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