Opening Daily Highlight
Mixed
All eyes on BNM interest rate
Thu, 09-May-2024 08:12 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI shed -0.06% yesterday amid weakened sentiment in the global stock markets. Similarly, the lower liners staged a pullback, while the plantation sector (+0.82%) rallied on the back of the recovery of CPO price.
  • Global Markets Review. US stock markets turned mixed overnight with the Dow & SP500 faring better than the Nasdaq that was affected by decline in tech-related stocks such as Uber and Shopify. In contrast, European stock markets closed higher led by robust corporate earnings, while Asia stock markets ended on a softer note.
  • Market Outlook. The FBM KLCI retreated after hitting 1,600 resistance level amid weakened sentiment across global stock markets. We opine that the local bourse may continue to trend sideways as investors stay on the sideline while waiting for fresh catalyst. 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 to be release today, which we expect the central bank to stay pat onto its decision, owing to the stable economic fundamentals. Moving forward, we reckon the decline in US crude stock pile may provide bargain hunting opportunities within the oil & gas stocks. Meanwhile, we also advocate investor turn their attention to the plantation sector on the back of the recovery in CPO price.
Sentiment: Negative
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.170987 4.204276
EUR 4.872100 4.877133
CNY 0.589575 0.590185
HKD 0.537072 0.540837
SGD 3.222926 3.245616