Opening Daily Highlight
Mixed
Ended 1H24 on upbeat note
Mon, 01-Jul-2024 07:36 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI rose 0.32%, lifted by gains in telco heavyweights following the completion of a share subscription agreement (SSA) with Digital Nasional Bhd (DNB) and the Ministry of Finance Incorporated (MoF Inc.). The lower liners also advanced, while the REIT sector (-0.04%) was the sole underperformer among the sectorial peers.
  • Global Markets Review. Wall Street faltered as major indices reversed all their intraday gains after the first US Presidential debate whereby Joe Biden took off with a shaky start as selected sectors such as renewables tumbled. European stock markets also turned mostly downbeat, but Asia stockmarkets closed mostly higher.
  • Market Outlook. We expect the local bourse to build onto last Friday’s gains amid the improved market sentiment. After a solid start in 1H24, market participant may continue to cheer onto the signs of return of foreign funds into the emerging markets. Still, gains are expected to be measured amid the absence of fresh leads. Investors will be keeping a close tab onto a slew of manufacturing data to be release in major economies such as Japan, China, Malaysia, UK and US later today. Sector wise, we favour the telco sector post completion of a share subscription agreement (SSA) with DNB and MoF Inc. for a smoother transition to the 5G dual wholesale network (DWN) model. Meanwhile, electricity tariff will be kept unchanged till end-2024 bodes well for the consumer sector.
Sentiment: Positive
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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