Opening Daily Highlight
Mixed
Holding steady above 1,500
Fri, 12-Apr-2024 07:49 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.41%) edged lower as investors lock-in gains ahead of the mid-week festive break. That said, the lower liners rebounded, while the energy sector (+0.98%) outperformed the sectorial peers as crude oil prices held steady.
  • Global Markets Review. The S&P 500 and Nasdaq closed in positive territory, with tech-related momentum stocks leading the charge, but the Dow ended flat overnight. The European retreated after ECB held benchmark interest rates steady at 4.0%, while Asia stock markets ended mostly lower.
  • Market Outlook. We anticipate the global markets remain steady as investors awaits the first-quarter banking earnings season to kicks off starting today. Similarly, we expect the local bourse to consolidate above the 1,500 psychological level in absence of fresh catalyst, while investors are still reeling from the mid-week festive break. The stronger-than-expected US inflation data diminishes the prospects of interest rate cut hence we expect a pullback to take place as investors lock in their recent gains. The lower liners may also brace for some weakness ahead after enjoying a decent run. Key economic focus will be directed towards US Michigan Consumer Sentiment as well as UK industrial and manufacturing production decision to be release today. With the on-going volatility, we advocate investor to be defensive, focusing on gold-related stock and utilities sector.
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