Opening Daily Highlight
Mixed
Cautious sentiment persists
Fri, 21-Jun-2024 07:57 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.44%) extended its decline as key index constituents were dragged by cautious sentiment in line with uncertainty across global markets. Similarly, the lower liners extended their pullback, while the construction sector (-1.5%) was the worst performer among its sectoral peers.
  • Global Markets Review. The US market closed mixed, with the Nasdaq and S&P 500 losing momentum as the AI-driven rally appears to have reached its peak. Elsewhere, European stock markets rebounded after Bank of England hold rates steady at 5.25%, while Asia stock markets mostly ended lower.
  • Market Outlook. Once again, we opine that the FBM KLCI may continue to trend on a downward bias tone in absence of fresh catalyst. With the key index unable to defend 1,600, we expect the weakness in momentum to persist. Likewise, we opine that the lower liners may to follow a similar pattern, but bargain hunting activities may take place over the interim with investors nibble onto beaten down stocks. Economic wise, investors will be keeping a close tab onto UK retail sales and US home sales which is expected to be release later today. We advocate investor to stay defensive and take a look onto gold-related stocks. Meanwhile, the decline in crude inventories which pushed crude oil prices steadied above USD80/bbl may present some trading opportunities within oil & gas stocks.
Sentiment: Negative
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.933208 3.960978
EUR 4.575563 4.585407
CNY 0.571282 0.571899
HKD 0.503427 0.507495
SGD 3.076058 3.100967