Opening Daily Highlight
Local
Cautiousness prevails
Mon, 13-May-2024 07:25 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI on a flattish manner, with a marginal decline of -0.03%, bucking overall positive sentiment in the regional market as buying interest notably shifted towards lower market cap stocks. Lower liners exhibited a mixed performance, while the Healthcare sector outperformed, gaining +1.71%, driven by buying interest in glove counters.

  • Global Markets Review. US stock markets closed slightly higher ahead of inflation data this week. Meanwhile, the European market experienced positivity, with key indices reaching record highs, driven by expectations of interest rate cuts in the region and a robust earnings season. Across Asia, most markets closed in the green, with the Hong Kong stock market leading the gains. 

  • Market Outlook. Investors are likely to proceed to trade cautiously this week ahead of key economic data and corporate earnings releases. However, we maintain a positive outlook on the local market, bolstered by the return of foreign funds and an improved global market sentiment. Key economic indicators to watch this week include Malaysia's 1Q 2024 GDP, the US inflation rate, and China's retail sales data. In terms of sectors, we remain bullish on the construction sector, as significant job opportunities are expected to arise from both public and private sector projects this year. Additionally, we anticipate buying interest in the technology sector, particularly following MI Technovation's stellar quarterly results last Friday.
Sentiment: Negative
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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