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US PCE Inflation in Focus
Fri, 28-Jun-2024 08:04 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI retreated by 0.38%, dragged by continued selloff from foreign funds, in line with mostly lower regional markets. Similarly, lower liners closed in the red, with more than 800 stocks declining. Only the Construction (+0.25%) and REITs (+0.01%) sectors managed to close in positive territory, serving as safe havens during market volatility. The losses were led by the Telecom (-1.46%) and Technology (-1.1%) sectors.
  • Global Markets Review. Wall Street closed slightly higher, with all three main indices ending in the green despite underwhelming guidance from Micron, as investors bet on the PCE inflation data to be released later today. Conversely, European stock markets closed lower for consecutive sessions, and Asian stock markets mostly declined, following the weakening of the Japanese yen to a near 38-year low against the USD.
  • Market Outlook. Local market sentiment is expected to be weak due to lingering concerns about BlackRock's investment discussions in Malaysia, which may raise concerns of deter foreign funds from investing in the country. Despite yesterday's selloff potentially leading to some bargain hunting today, overall market activity is likely to be cautious ahead of the US PCE inflation data release tonight. However, the resilience of Malaysia's economy, supported by S&P's reaffirmation of our stable economic outlook, may provide some positivity to the consumer sectors. Amid current market volatility, the Construction, Finance, and REITs sectors will continue to serve as risk-averse trading opportunities.
Sentiment: Negative
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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