Opening Daily Highlight
Local
Buoyed by solid economic data
Mon, 20-May-2024 07:57 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.34%) extended its lead to close at fresh 26-months high with half of the key index components advanced as the key index recorded 1.0% weekly gains. The lower liners were fairly upbeat, while Technology sector (+2.54%) retained its top spot as the biggest winner to close at the highest level in two years.

  • Global Markets Review. US stock markets advanced as the Dow (+0.34%) finished at fresh record high, above the 40,000 psychological level on an extended bullish momentum from the prospects of interest rate cut. Similarly, European stock markets, however, edged lower after the Eurozone’s inflation in April 2024 held steady at 2.4%, while Asia stock markets closed mostly upbeat. 
  • Market Outlook. We reckon the positive momentum may extend moving into the start of the week, taking cue from the upbeat tone from Wall Street on last Friday, alongside with the solid Q1 2024 GDP data announced last Friday. The lower liners are also in a strong position, riding onto the positive market sentiment alongside with the returns of foreign fund inflow. For the week ahead, investors will be shifting their attention towards a slew of corporate earnings releases on the local front. Economic wise, investors will also be keeping a close tab onto Malaysia’s trade data to be release later today. We favour the gold-related players riding onto the higher gold prices. Sarawak-related stocks may be in focus with the state government aims to achieve RM16.0b in revenue for 2024.
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