Opening Daily Highlight
Mixed
Positive momentum took a breather
Fri, 26-Apr-2024 07:46 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.14%) snapped a six-day winning streak, dragged down by weakness in close to half of the key index components yesterday. The lower liners also staged a pullback, while the Utilities (+1.01%) and REIT (+0.89%) sectors that are defensive in nature outperformed.

  • Global Markets Review. Wall Street started off the day on a downbeat note, dragged down by the sluggish advance reading of 1Q 2024 GDP data stubborn inflation and lofty valuations before trimming most of intraday losses that was supported stellar financial performance from Microsoft and Alphabet. The European stock markets closed mixed, while Asia stock markets ended mostly negative.

  • Market Outlook. The local bourse’s mini rally took a pause as weakness were largely in line with the mostly negative performance across regional markets. Going forward, we are in view for a potential sideways formation to emerge amid the absence of fresh leads with inflation rate holding steady at 1.8% in March 2024. The lower liners are also bracing for minor pullback as investors booked in recent profits. Economic wise, key focus lies onto the release of Malaysia’s producer price index data as well as US consumer sentiment data. Sector wise, we expect the late recovery on Nasdaq to fuel sentiment on Bursa Malaysia’s technology sector. Also, the rollout of EPF account 3 for flexible withdrawals from 11 May 2024 may boost the consumer sector.
Sentiment: Neutral
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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