Opening Daily Highlight
Local
Cautiousness prevails
Thu, 18-Apr-2024 07:53 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI rebounded with +0.35% as bargain hunting emerged after recent sell down. Similarly to lower liners ended the day in green. All sectors closed higher except for Plantation sector due to the dropped of CPO prices. Construction sector (+1.64%) took the lead on the overall gain in the market.

Global Markets Review. Wall Street closed lower led by technology stocks as investor weighed onto interest rates may stay higher for longer and ongoing geopolitical tensions. However, European stock market closed higher on expectation over rate cuts from ECB and BOE. Asia stock markets was mixed after widespread sell down on Tuesday with investors closely monitoring trade data from Japan and Singapore. 

Market Outlook. The local bourse is expected to trade cautiously today following yesterday's bargain hunting and the decline in crude oil prices. Investors are advised to reduce trading activities and exercise caution while monitoring market sentiment during this volatile period. Focus should be on fundamentally sound stocks with undemanding valuation. In terms of sectors, the O&G sector may experience some selling pressure due to the dip in oil prices, while the construction sector remains favored by investors due to ongoing multi-infrastructure projects. Meanwhile, export-related stocks may benefit from the stronger US Dollar against a basket of currencies.

Sentiment: Positive
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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