Opening Daily Highlight
Local
Market sentiment remain buoyant
Tue, 21-May-2024 07:01 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.67%) started off the week on a buoyant manner with more than two third of the key index components closed in green. The lower liners also extended their rally, while all 13 major sectors advanced with the Construction sector (+2.46%) leading the pack.
  • Global Markets Review. US stock markets finished mixed as the Dow (-0.49%) erased all its intraday gains after several Fed official reiterated their stance to adopt the wait and see approach on interest rates, while the S&P 500 (+0.09%) managed to hold onto its gains, boosted by Nvidia (+2.49%) ahead of the corporate results on Wednesday. Similarly, European stock markets rebounded, while Asia stock markets closed mostly positive with China stepping up efforts to aid the property sector.
  • Market Outlook. It was another stellar performance on the key index riding onto the strong domestic economic growth, coupled with the improved prospects of rate cut in the US. After hitting three-year high, we reckon some pullback may take shape with investors digest recent gains. The lower liners are also bound for a potential consolidation with majority of the stocks tethered in the overbought zone. Looking ahead, the on-going corporate earnings releases will remain in focus. Trading activities may also simmer ahead of the mid-week Wesak day break. We continue to like the gold-related stocks as gold prices advanced for the fifth straight session to fresh record high level. Building material-related stocks may be in the spotlight with copper and aluminium prices marching higher.
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 4.170987 4.204276
EUR 4.872100 4.877133
CNY 0.589575 0.590185
HKD 0.537072 0.540837
SGD 3.222926 3.245616