Opening Daily Highlight
Local
Taking a breather
Thu, 02-May-2024 06:45 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.42%) erased most of its previous session gains ahead of the mid-week Labour daybreak on profit taking in selected utilities and banking giants. The lower liners finished mixed with the Transportation & Logistics sector (+1.26%) outperformed.
  • Global Markets Review. Wall Street endured a choppy trading session as the Dow added 0.23%, but the S&P 500 fell -0.34% after US Federal Reserve Jerome Powell announced to shrink its balance sheet at a slower pace. The European stock markets were downbeat, while Asia stock markets ended mostly in red ahead of the Labour Day public holiday.
  • Market Outlook. Following the recent run-up, we the FBM KLCI to take a breather with investors adopting quick profit taking activities over the interim. The lower liners rally may lose some steam as investors retreat to the sidelines and digest the slightly dovish tone set by the US Federal Reserve. On the local front, investors will be keeping a close tab onto the release of S&P Global Manufacturing PMI data for Malaysia which languished below the 50.0 level threshold since August 2022. Sector wise, we are also slightly bearish over the Oil & Gas sector after Brent oil price sank close to -5.0% on expectations of ceasefire agreement in the Middle East. Meanwhile, the revamped Public Service Remuneration System (SSPA) which bumps overall minimum income for civil servants from RM1,765 to RM2,000 is expected to benefit consumer staples related stocks.
Sentiment: Negative
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.664391 4.705535
EUR 5.084708 5.099102
CNY 0.648042 0.649364
HKD 0.597519 0.602804
SGD 3.468436 3.499206