Opening Daily Highlight
Local
Expect bargain hunting to continue
Thu, 27-Jun-2024 08:07 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI rebounded 0.35%, halting a six-day losing streak, lifted by a more than 3.0% increase in both YTL-related stocks. The lower liners also closed higher, mirroring positive performance in the US market overnight. The only sectors to close in the red were Plantation, REITs, and Telecom. Gainers were led by the Transportation (+1.89%) and Utilities (+1.51%) sectors.
  • Global Markets Review. US stock markets closed higher after a choppy trading session overnight, with the technology sector and Nasdaq leading the recovery. Amazon closed at a record high, surpassing a market cap of $2 trillion. Conversely, European stock markets closed lower as the regional currency depreciated against the USD. In Asia, most stock markets ended higher, led by the technology sector, following the positive performance of AI-related stocks on Wall Street overnight.
  • Market Outlook. We expect bargain hunting to continue in the local stock market today, tracking positive sentiment from the US overnight. However, we still advise investors to trade cautiously, as overall market sentiment remains weak. Still, the improved market sentiment may provide some alleviation towards the market trading liquidity. It is important to monitor for signals of returning foreign funds. Economically, all eyes will be on the PCE inflation data from the US, set to be released tomorrow. The Technology and Utilities sectors will continue to be the preferred choices for bargain hunting after Nasdaq and AI-related stocks led gains on Wall Street.
Sentiment: Positive
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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