Opening Daily Highlight
Mixed
Extended volatility
Mon, 08-Apr-2024 07:44 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI ended flattish (+0.13%) on last Friday, as gains were capped by cautiousness following the renewed volatility across the global market. The lower liners retreated, while the Industrial sector (+1.06%) outperformed among the sectorial peers.
  • Global Markets Review. Wall Street rebounded on the back of stronger-than-expected jobs report, which indicates robust economic strength. Nonetheless, both European and Asian stock markets faltered, led by concerns that the Fed might delay rate cut.
  • Market Outlook. We anticipate extended volatility in the FBM KLCI over time in tandem with the uncertainty in the US market due to conflicting sentiment between wanting robust economic data and the preference for a softer job market to drive interest rate cut. Any recovery is expected to be tempered by quick profit taking activities on signs of foreign fund outflows over the interim. Key economic focus will be directed towards Malaysia Industrial production, retail sales and unemployment rate to be release today. While the energy sector fell from profit taking activities on last Friday, we remain optimistic about the sector's positive momentum supported by higher crude oil price as geopolitical tension in the Middle East intensifies. Meanwhile, we expect the technology sector to mirror the gains on Nasdaq overnight.
Sentiment: Positive
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