The FBM KLCI rebounded after a two-day pullback with the support seen in selected
Banking and YTL-related heavyweights. Meanwhile, the US stock markets traded
mixed with the mixed bag of bank earnings reports, while offsetting a cooler-thanexpected
PPI data which lifted the hopes for interest rate cuts by the Fed in Mar-24
to 72.2% from 58.2% a week ago, based on Bloomberg. Closer to home, we believe
the overall sentiment could remain positive as there are 5 consortiums that are
expected to present their proposal for the development of KL-SG HSR. On the
commodity markets, the Brent oil price gained marginally higher amid rising tension
in the Red Sea region.

Sectors focus: With 5 consortiums bidding for KL-SG HSR projects, we believe this
might provide buying support towards the Construction and Building Material
sectors. Meanwhile, we think the land and properties along the KL-SG HSR could
benefit under this scenario, favouring the Property segment. Also, we opine that the
Johor-region investment could increase further going forward with the signing of JBSG
SEZ agreement, providing upside towards the Renewable Energy and Water
segments.