Opening Daily Highlight
Local
Bargain hunting may emerge
Wed, 26-Jun-2024 07:58 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI extended its loss by 0.27%, dragged down by YTL-related stocks, which dropped more than 4% despite gains in most regional markets. The Healthcare (+0.16%) and Energy (+0.15%) sectors were the only two sectors to closed in the green, while the Utilities sector (-1.45%) was the top loser.
  • Global Markets Review. US stock markets closed mostly higher, with the S&P 500 and Nasdaq ending in positive territory due to bargain hunting in Nvidia, although the Dow Jones ended in red amid the sluggish consumer confidence data. Conversely, European stock markets ended lower, while Asian stock markets mostly gained despite declines in China’s markets
  • Market Outlook. The local market remained weak as foreign funds continued to retreat amidst global market volatility. Nevertheless, we are slightly optimistic that the market will see bargain hunting today, following positive overnight closures in the US markets. The lower liners may also trade in a similar pattern amid the potential emergence of bargain hunting in recent beaten down stocks. Economic wise, investors will be keeping a close watch onto US new home sales data later tonight. We recommend investors look into the technology and utilities sectors, which are likely to benefit from anticipated bargain hunting. Meanwhile, the financial sector and REITs will serve as risk-averse investment alternatives amid this market volatility.
Sentiment: Negative
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