Opening Daily Highlight
Local
Stepping up
Mon, 29-Apr-2024 07:21 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.38%) resume its rally, mainly driven by gains in YTL (+26.0 sen) and YTLPOWR (+26.0 sen) as the key index rose 1.8% on weekly basis. The lower liners also turned upbeat, while the Financial Services (-0.35%) and Plantation (-0.31%) sectors underperformed.
  • Global Markets Review. Wall Street advanced as the Dow rose 0.4%, led by gains from Alphabet and Microsoft which reported solid earnings which brushed off the stronger-than-expected personal consumption expenditures price index, for March 2024 that rose 2.8% yoy. The European stock markets also turned upbeat, while Asia stock markets finished mostly higher with Bank of Japan keeping their ultra loose monetary policy.
  • Market Outlook. It appears that the recent mini rally remains on course with the key index notching higher after Malaysia’s Producer Price Index rose 1.6% yoy in March 2024. We reckon the positive momentum may stay pat in absence of fresh negative developments at this juncture, whilst the local bourse is playing catch up with gains on Wall Street. The lower liners also remain fairly upbeat on the back of the rotational play. Key economic data in focus would be. We expect trading interest to surface within insurance related stocks following the rising insurance premiums. Also, water-related stocks may take the spotlight after Minister of Energy Transition and Water Transformation (Petra) highlights the importance of water at the World Water Day 2024 on yesterday.
Sentiment: Positive
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Market Mover
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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