Opening Daily Highlight
Mixed
Starting 2H24 on positive tone
Tue, 02-Jul-2024 07:41 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI climbed 0.51% to close a hair away from the 1,600 pts, mainly lifted by gains in utilities heavyweights. The lower liners also marched higher, while the Telecommunication & media sector (-0.20%) was the sole underperformer among the positive sectorial peers.
  • Global Markets Review. Wall Street edged mildly higher as gains from technology giants were capped by rising Treasury yield post first US Presidential election debate. European stock markets advanced after the far-right National Rally (RN) party scored historic gains in the first round of parliamentary elections, but Asia stock markets ended mostly upbeat.
  • Market Outlook. With global developments demonstrating signs of improvement, we reckon the positive sentiment may also trickle down towards stocks across Bursa Malaysia. For now, the local bourse may attempt to take a jab towards the 1,600 pts, while the lower liners may continue to capitalise onto the positive sentiment. Investors will be keeping a close tab onto Federal Reserve Chairman Jerome Powell speech later tonight which may provide hint over an imminent rate cut. Sector wise, we reckon the energy sector may advance along with the higher oil prices on improved summer demand and extension of production cut till end-2025. Also, the improved performance on Nasdaq overnight may potentially transpire to stronger trading interest within the technology 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