Opening Daily Highlight
Mixed
Unabated volatility
Mon, 22-Apr-2024 07:39 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.18%) recorded its third day winning streak as the key index couped most of its weekly losses to -0.22%. The lower liners, however, turned volatile as profit taking sapped into sentiment. Meanwhile, the Technology sector (-1.74%) underperformed with 75% of the sector components closed in red.

  • Global Markets Review. Wall Street ended mixed with the Dow adding 0.56%, but the S&P 500 and Nasdaq shed -0.88% and -2.05% respectively following the plunge in Nvidia and Netflix with the latter brushed off the stellar financial performance and announced the discontinuation to report quarter subscriber data. Both the European and Asia stockmarkets closed mostly negative on escalating tensions in the Middle East.

  • Market Outlook. With renewed volatility roiled global markets, we reckon downside may prevail over the interim. Still, we reckon downside will be cushioned by the improving economic data on the local front. Looking ahead, investors will be keeping a close tab onto the on-going quarterly financial reporting season on Wall Street with more than half of the “Magnificent Seven” reporting their earnings this week. Amidst the volatile market sentiment, we advocate investors to stay defensive whereby we continue to favour gold-related stocks that is riding onto higher gold prices. Elsewhere, the technology sector may languish in the red, potentially taking cue from the weakness on Nasdaq last Friday.
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