Daily Market Report (1 April 2024)
- Both the US and Hong Kong markets were closed last Friday.
- The Hong Kong market will resume trading on Tuesday before closing again on 4th April.
- Domestically, the FBM KLCI managed to close higher aligned with the positive regional performances despite some strong selling during the afternoon session.
- We noticed there were strong buying interests among the Financials and Telcos late in the session that helped prop the index up.
- For today, we believe sentiment to remain uninspiring thus expect the index to hover within the 1,530-1,540 range.
- Meanwhile, the crude palm oil (CPO) continued with its uptrend at around the RM4,200/tonne in line with the strength of other edible oils.
- As for crude oil, the Brent crude closed at US$87/barrel amid a better economic environment and production cuts by OPEC+ and many anticipate the price to surpass US$90/barrel soon.
