Opening Daily Highlight
Local
Lackluster performance
Fri, 31-May-2024 07:46 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.07%) ended on a flat note amidst the weak sentiment across the regional market. On the other hand, the lower liners rebounded, while the Construction sector (+2.46%) outperformed among its sectorial peers.
  • Global Markets Review. US stock markets extended their losses with Nasdaq leading declines as investors digest the latest release of the disappointing corporate results from Dell, MongoDB and Nordstrom. Meanwhile, European market closed higher with most of its sectors turned green, while the Asia market continue to retreat.
  • Market Outlook. We expect the downward bias in the local bourse to persists on the final trading day of week, mirroring the weakness globally due to the elevated bond yields. Investors will continue to monitor over the on-going flurry of corporate earnings releases for today. Economically, investors will be keeping a close tab a slew of industrial production figures from Japan and South Korea as well as PMI data from China and US. The PCE data in US that will be release tonight will provide clues over the inflation data in weeks ahead as well. Amidst the volatile market sentiment, we advocate investors to stay defensive and to focus on the Utilities sector. Also, we reckon the resurgence in CPO price above RM4,000/tonne may present some trading opportunities within plantation-related stocks.
Sentiment: Negative
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