Opening Daily Highlight
Mixed
A sea of red on benchmark
Thu, 20-Jun-2024 08:25 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.39%) remained downbeat as key index constituents retreated due to an extended profit taking activities. Similarly, the lower liners extended their pullback, while the healthcare sector (-1.66%) was the worst performer among its sectoral peers.

  • Global Markets Review. The US market was close yesterday on to the Juneteenth holiday. Elsewhere, European stock markets retreated, while Asia stock markets mostly rose overnight led by gains in energy and basic materials stocks from the Hong Kong market.

  • Market Outlook. Once again, we opine that the FBM KLCI may continue to trend sideways in absence of fresh catalyst. With the key index unable to defend 1,600, we expect the downward bias tone to persist. Likewise, we opine that the lower liners may to follow a similar pattern but bargain hunting activities may take place over the near term. Economic wise, investors will be keeping a close tab onto UK’s interest rate decision. Given the recent release of UK’s inflation rate at 2% was within consensus expectations, we anticipate the Bank of England to keep its interest rate steady at 5.25%. We advocate investor to stay defensive and take a look onto gold-related stocks.
Sentiment: Neutral
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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