Opening Daily Highlight
Mixed
Extended bull run
Mon, 06-May-2024 06:30 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.59%) extended its rally in tandem with the positive momentum from the global markets. The lower liners advanced, while the utilities sector (+1.53%) outperformed among its sectoral peers with only Plantation, REIT and Property sectors closed in red.
  • Global Markets Review. Wall Street ended higher after the release of subdued US payrolls data which fosters stronger expectations for rate cuts. Similarly, both European stock markets and Asia stock market led gains thanks to the softer US job data.
  • Market Outlook. Following the extended positive momentum across global market, we expect a positive spillover effect into the local market, largely fueled by the resumption of foreign fund inflow. Meanwhile, we expect the improved sentiment may provide further upside for lower liners. Economic wise, investors are now awaiting the release of Eurozone’s PPI and PMI data. Moving forward, the pullback in gold price may present an opportunity for investors to accumulate gold related stocks on expectations that the interest rate cut should provide some support for the bullion. Meanwhile, we advocate investors exercise caution on the energy sector today on the pullback in crude oil prices. We reckon that tepid job data may signal weakness in economic growth in the US, which is the world’s biggest oil consumer.
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