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Malaysia Q1 2024 GDP data in focus
Fri, 17-May-2024 07:48 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.49%) ended higher, in line with regional performance after strong gains in the US overnight, as inflation met expectations. Lower liners also closed higher. The Technology sector led the gains (+1.81%), driven by strong performance in the Nasdaq overnight and lower US yields. Meanwhile, the Healthcare sector declined (- 3.6%) due to profit-taking activities in glove counters following the recent rally. 


• Global Markets Review. US stock markets ended lower, despite the Dow index breaking the 40,000 psychological level intraday for the first time, as the market digested the inflation data and a rebound in treasury yields. Similarly, European stock markets ended lower, mainly dragged down by corporate earnings. Asian stock markets all closed in the green, benefiting from positive spillover from the US market. 


• Market Outlook. We expect profit-taking activities to emerge following yesterday’s gains as weakness may take cue from the pullback in US stock markets. Nevertheless, buying momentum from foreign funds and recent higher-than-average trading liquidity cushion downside, if any. Focus will shift to the release of Malaysia’s Q1 2024 GDP data to be release later today. Sector-wise, we are positive on the consumer sector, especially after Tomei posted strong results and coupled with the crowds seen in EPF Account 3 withdrawals. We remain bullish on companies benefiting from global supply chain diversification amid the intensifying trade war. Meanwhile, we still expect to see volatility in glove counters.

Sentiment: Positive
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Market Mover
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Currency Buy Rates (RM) Sell Rates (RM)
USD 3.933208 3.960978
EUR 4.575563 4.585407
CNY 0.571282 0.571899
HKD 0.503427 0.507495
SGD 3.076058 3.100967