Opening Daily Highlight
Mixed
Extended winning streak
Wed, 24-Apr-2024 07:29 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.13%) extended its lead for the fifth straight session, anchored by gains in more than half of the key index components yesterday. The lower liners also remained upbeat, while the Healthcare sector (+1.57%) took the top spot amongst the sectorial peers’ winners list.

  • Global Markets Review. Wall Street advanced as the Dow rose 0.69% with Tesla (+1.85%) snapped a seven-day losing streak after announcing the launch of more affordable EV units, while Texas Instruments guided a bullish revenue forecast. The European stock markets marched higher, while Asia stock markets ended mostly positive with the Japanese Yen weakens to fresh 34-year low against the US Dollar.

  • Market Outlook. The calmer market conditions lifted the local bourse yesterday and we expect the key index to build onto the recent positive momentum. While potential further upsides could be propelled by the positive developments on Wall Street overnight, we reckon that gains will be capped by the recent strong run that is enticing quick profit taking activities. The lower liners are also enjoying a better run over recent days on rotational plays. For now, investors will be keeping a close tab onto the on-going release of US corporate earnings. We expect the Technology sector to remain upbeat, premised to the positive guidance from Texas Instruments. Also, the recovery in Brent oil prices may lift trading interests within oil & gas 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