Opening Daily Highlight
Local
Heading into consolidation
Mon, 27-May-2024 07:21 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.6%) closed lower as hawkish tone of the latest FOMC minutes has prompted profit taking activities to take place. The lower liners also fell, while the Healthcare sector (-2.62%) continues to hold the title of the worst performer among its sectoral peers.
  • Global Markets Review. US stock markets recovered thanks to the rally in Nvidia and AI related counters fuelled by strong earnings report. Meanwhile, European and Asia market both ended lower dragged by concerns on interest rate outlook.

  • Market Outlook. We expect the FBM KLCI to trade in a consolidation pattern as investors anticipates for fresh catalyst. Investors will continue to monitor onto the on-going flurry of corporate earnings releases on the local front. Similarly, the lower liners may trend sideways with investors takes a break ahead of the result season. Economically, investors will be monitoring speeches from ECB member today to obtain insights on EU’s monetary policy. We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the Ringgit against the US Dollar. Furthermore, we also expect the technology sector to mirror the gains on Nasdaq on last Friday.
Sentiment: Negative
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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