Opening Daily Highlight
Local
Key Economic Data and Earnings in Focus
Tue, 14-May-2024 07:01 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI index ended slightly higher, bolstered by strong gains in GENTING and GENM following robust earnings from Genting Singapore, driven by an influx of tourists from China. Lower liners closed higher as buying interest shifts towards smaller market cap stocks. The Transport & Logistics (+1.89%) and Technology (+1.64%) sectors were the top gainers. The technology sector saw increased buying interest after MI Technovation reported strong quarterly performance. 


• Global Markets Review. US stock markets closed flat ahead of the release of inflation data this week. Similarly, European markets closed mixed on Monday as investors awaited the new US inflation data. Across Asia, markets also closed mixed following China's stronger-than-expected April inflation data. 


• Market Outlook. We expect investors to continue practicing cautiousness ahead of key economic data releases, particularly the US inflation data on Wednesday, and the ongoing corporate earnings season, alongside mixed global stock market performance. Downside risks will be mitigated by extended foreign fund buying. For the remainder days of the week, market will closely assess key economic data, including US inflation, Malaysia 1Q 2024 GDP, and China retail sales. We are bullish on consumer-related stocks, as crowds seen from EPF Account 3 withdraw are likely to stimulate consumer spending. Additionally, we remain positive on the construction sector, anticipating significant job opportunities from both public and private sector projects this year.

Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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