Opening Daily Highlight
Mixed
Taking another jab towards 1,600
Wed, 03-Jul-2024 06:58 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.02%) closed on a flattish note after reversing all its intraday gains as profit taking activities sneaked into the picture in the final trading hour. The lower liners, however, remained upbeat, while the Construction sector (+3.0%) led the mostly positive sectorial peers.
  • Global Markets Review. Wall Street advanced with the S&P 500 finished at fresh record high level after Fed Chair Jerome Powell acknowledged the progress of inflation, coupled with the unexpected rise in job openings. European stock markets, however, slipped after Eurozone’s inflation slowed to 2.5% in June 2024, while Asia stock markets finished mostly in red.
  • Market Outlook. Going forward, we expect the FBM KLCI may attempt to re-claim the 1,600 pts, taking cue from the positive developments on Wall Street overnight. The lower liners are enjoying a better run, taking advantage onto the improved market sentiment. Economic wise, investors will be keeping a close tab onto the release of services and composite data across major economies alongside with the FOMC minutes later tonight to gather hints over the timing of interest rate cut. We continue to favour the technology sector which might mirror the overnight positive performance on Nasdaq that surpassed the 18,000 pts. The plantation sector may come into the spotlight with CPO prices for five consecutive sessions and settled above RM4,000/MT.
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