Opening Daily Highlight
Local
Focus on US core CPI
Wed, 15-May-2024 07:32 am
by Research Team • Apex Research

 Malaysia Market Review. The FBM KLCI index ended slightly higher, up by +0.19%, mainly bolstered by strong gains in YTL and YTLPower. Lower liners continued to edge higher as well. The Utilities sector (+1.32%) was the leading gainer, driven by buying interest in YTL-related stocks. 


• Global Markets Review. US stock markets ended higher, with the Nasdaq hitting a record high, despite stronger-than-expected US PPI data. The markets reacted positively after the Fed chair described the PPI report as "more mixed than hot." Similarly, European markets ended higher, while Asian stock markets showed mixed results following inflation data from Japan and India. 


• Market Outlook. We expect some positive sentiment spillover from the US market into the local bourse today, but overall sentiment will remain cautious as investors await the US core CPI data tonight and ongoing corporate earnings. Downside risks will continue to be mitigated by sustained foreign fund buying. For the remainder of the week, the market will closely assess key economic data, including US inflation, Malaysia's Q1 2024 GDP, and China retail sales. Sector-wise, we anticipate buying interest in glove counters today following the US's implementation of a 25% tariff on surgical gloves from China. Additionally, companies with theme of global supply chain diversification will likely see gains amid the intensifying trade war.

Sentiment: Positive
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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