Opening Daily Highlight
Local
Buying on weakness
Wed, 17-Apr-2024 07:44 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI extended its losses by -0.49%, following sell down on Wall Street overnight coupled with the escalated Middle East tensions. Likewise, the lower liners ended the day in red. All sectors closed negative, with the Construction (-2.69%) and Property (- 2.46%) sectors leading the losses.
  • Global Markets Review. Wall Street closed slightly lower after Treasury yields marched higher following hawkish tone from Fed Chairman echoing a higher for longer interest rates environment. European stock market and Asia stock market closed lower on the escalated geopolitical tension which brushed off the better-than-expected China’s 1Q 2024 GDP data.
  • Market Outlook. We anticipate that the selling pressure on the local bourse to ease today, with some bargain hunting likely to emerge following the recent pullback, while the better-than-expected China GDP data may provide some alleviation. However, we advise investors to remain defensive and focus onto fundamentally sound stocks during the volatile period. Export oriented companies may benefit from the continued strengthening of the USD, driven by expectations of higher interest rates in the longer term. Additionally, we maintain a bullish outlook on commodities-related stocks, particularly those within the oil and gas sector, supported by sustained high oil prices.
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