Opening Daily Highlight
Local
Market volatility prompts caution
Tue, 25-Jun-2024 07:52 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI closed slightly lower by 0.04%, rebounding from its intraday low amidst mixed regional stock market performance. Profit-taking persisted, contributing to overall market weakness, with over 900 stocks closed in red. The Construction (+0.39%) and Industrial (+0.33%) sectors were the only two sectors ended in positive territory, while the Healthcare (-2.36%) and Technology sectors (-1.75%) were the top losers.
  • Global Markets Review. US stock markets closed mixed, with the Dow Jones ending in positive territory while the S&P 500 and Nasdaq closed lower due to extended profit-taking in AI-related stocks. In contrast, European stock markets closed higher as investors traded ahead of economic data releases within the region while Asian stock markets ended mixed.
  • Market Outlook. We continue to observe the weak sentiment in the local bourse, characterised by profit-taking and a retreat of foreign funds amidst global market volatility. We might see some bargain hunting emerging on the local market today, following yesterday’s pullback. However, we advise investors to remain cautious, especially in the absence of fresh catalysts. We recommend to closely monitor Malaysia’s inflation data and the US's PCE inflation figures, both scheduled for release this week. In this volatile market environment, we maintain a preference for blue-chip stocks with strong fundamentals. Meanwhile, the construction sector appears resilient amid market corrections, likely supported by significant ongoing developments in the country.
Sentiment: Positive
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