Opening Daily Highlight
Mixed
Lifted by return of foreign funds
Tue, 23-Apr-2024 07:38 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.78%) started off the week on a strong footing with more than two-third of the key index components marched higher. The lower liners also rebounded, while, the Technology sector (-0.14%) was the sole underperformer amongst the sectorial peers.

  • Global Markets Review. Wall Street also kicked off the week on an upbeat tone with the Dow climbing 0.56%, driven by bargain hunting activities particularly within beaten down technology stocks. The European stock markets advanced, while Asia stock markets finished mostly higher on signs of easing geopolitical tension in the Middle East.

  • Market Outlook. After delivering an improved performance, we expect the FBM KLCI to track gains on Wall Street, premised to the improved market sentiment as investors took comfort from easing tensions in the Middle East. The improved sentiment was also backed by World Bank move to keep its 2024 economic growth outlook for Malaysia at 4.3%. The lower liners are also faring better as investors nibble onto beaten down stocks with foreign funds have turned net buyers for the first time in ten trading sessions. Economic wise, investors will be monitoring US new home sales data later tonight. We expect the Technology sector on Bursa to bounce back, mirroring the positive performance on Nasdaq overnight. Meanwhile, the surging cocoa price which results in Nestle to adjust prices in certain products may lift selected consumer-related stocks.
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