Opening Daily Highlight
Local
Uneven recovery progress
Fri, 19-Apr-2024 07:45 am
by Research Team • Apex Research

Market Review. The FBM KLCI (+0.28%) extended its rebound in line with regional stock market performance. Similarly, the lower liners ended the day in green. Utilities sector (+1.91%) was the top gainer anchored from buying interest in YTL’s stocks. Energy sector was as the laggard following the dip in crude oil prices.

Global Markets Review. Wall Street closed slightly lower on Thursday as investors assessed rising Treasury yields amid easing hopes for rate cuts. However, European stock market closed higher on expectation over rate cuts from ECB and BOE. Most Asia stock markets also ended in positive territory, rebounding from the previous sell-off that brushed off the negative developments on Wall Street overnight.

Market Outlook. Overall, we observe the negative sentiment stemming from tensions in the Middle East has been gradually digested by the market, following two consecutive days of recovery on the local bourse. However, we advise investors to trade cautiously and to monitor developments in the Middle East over the weekend. Additionally, the apprehension on the US market due to prolonged expectations of high interest rates will likely limit the upside potential of the overall market. Investors will be keeping a close tab onto the advance reading of Malaysia’s 1Q 2024 GDP data later today. We are upbeat onto gold-related stocks as safe havens during turbulent periods characterized by high inflation. Furthermore, export-related stocks may benefit from the stronger US Dollar against a basket of currencies.

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