Opening Daily Highlight
Mixed
Taking a jab towards 1,600
Tue, 07-May-2024 07:53 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.49%) recorded its third day winning run, driven by rising foreign interest in blue-chip stocks. Similarly, the lower liners extended their gains with the Utilities sector (+1.88%) topped the winners and Energy sector (-0.43%) ranked as the worst performer as the latter was affected by the decline in crude oil prices.
  • Global Markets Review. US stock markets extended their gains, buoyed by positive sentiment from last Friday’s US job data alongside with the dovish prospects of interest rate cut. Similarly, both European stock markets and Asia stock market led gains as both markets assess the possibility of rate cut.
  • Market Outlook. Optimism surrounding the prospects of interest rate cuts continues to buoy global markets and we expect the positive sentiment that is largely supported by the return of foreign funds to remain in place for the local bourse today. The lower liners may also fare better, taking cue from the positive developments on Wall Street overnight as traders capitalise onto the positive sentiment as of late. Economic wise, investors are now awaiting the release of Eurozone’s retails sales later today. Meanwhile, we foresee the energy sector to recover amid uncertainty in the market resulting from the stalled cease-fire deal between Israel and Hamas. Also, we favour the technology sector that could ride onto the positive developments on Nasdaq overnight.
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