Opening Daily Highlight
Mixed
Still on the ascending trend
Wed, 08-May-2024 08:06 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.52%) recoded gains for the fourth straight session as buying interest from foreign funds remain unabated. Similarly, the lower liners extended their gains with the Utilities sector (+1.88%) outperformed the mostly positive sectorial peers.
  • Global Markets Review. US stock markets turned mixed overnight with Dow and S&P 500 inching upward while the Nasdaq was hampered by a slumped in Walt Disney shares. Both Asia stock markets and Europe stock market led gains as traders reacted to a flurry of earnings reports for the latter.
  • Market Outlook. It was another bullish performance by the benchmark index after breaking the resistance of 1,600. Despite that, we reckon the local bourse may take a pause amid weakened sentiment in the global stock markets. Still, the extended inflows of foreign funds are likely to provide support to the local stock market. Economic wise, investors are now awaiting the release of Malaysia’s retail sales as well as BNM and Bank of England interest rate decision in this coming Thursday. With the government move to position Malaysia as supplier of competent aerospace by securing potential investments of up to RM46bn from Airbus Group, Institut de Soudure Groupe (ISG) and Simaero, we reckon the manufacturing sector could enjoy a potential run. Meanwhile, we also advocate investor to be defensive against the upcoming volatility, focusing on utilities sector.
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