Opening Daily Highlight
Mixed
Short-term Consolidation
Fri, 10-May-2024 07:44 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI shed -0.22% yesterday as investors treaded cautiously with more than half of the key index constituents retreated. On the other hand, the lower liners staged a recovery, while the property sector (+0.84%) outperformed the mostly negative sectorial peers.
  • Global Markets Review. US stock markets turned positive overnight following the dovish tone set by the US Federal Reserve in quashing the prospects of interest rate hike. Similarly, European stock markets closed higher as BOE announced to hold its rate steady coupled with strong corporate earnings, while Asia stock markets were mixed.
  • Market Outlook. The local bourse extended its sideways trend following BNM decision to keep interest rate unchanged at 3%. Still, the extended inflows of foreign funds are likely to provide support to the local stock market. We reckon further gains may come, thanks to the improved global market sentiment. Key economic data to be monitored include Malaysia’s industrial production data, unemployment rate, along with UK’s industrial and manufacturing production data and preliminary 1Q24 GDP as well as US’s Michigan Consumer Sentiment. Moving forward, we remained optimistic on the oil & gas sector as demand from China may start to pick up after imports surged past market expectations. The construction sector is also expected to march higher in line with the availability of a total of RM180.0bn in development funds allocation from the government and the private sector.
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