Opening Daily Highlight
Mixed
Marching above 1,600
Thu, 04-Jul-2024 07:14 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+1.1%) marched sharply higher, powered by gains in 26 out of 30 key index components yesterday. The lower liners also extended their lead amid the positive market breadth with more than 900 gainers against more than 300 decliners. Meanwhile, all 13 major sectors closed higher, with the Construction sector (+4.7%) taking the lead once again.
  • Global Markets Review. Wall Street ended mixed on a shortened trading session as the Dow fell -0.1%, while the S&P 500 and Nasdaq edged 0.5% and 0.9% higher respectively after ISM Services PMI unexpectedly contracted to 48.8 in June 2024; the steepest contraction since April 2020 reinforced the case of cutting rates in 2024. European stock markets turned upbeat, while Asia Pacific stock markets finished mostly higher.
  • Market Outlook. With the FBM KLCI re-claiming the 1,600 pts, we expect the key index may build onto yesterday’s performance. The prospects of US interest rate cuts along with the return of foreign funds may continue to buoy sentiment with the lower liners continue to capitalise onto the recent streak of positive sentiment. Meanwhile, investors will be keeping a close tab onto UK’s general election later today. Amidst the extended gains on Nasdaq, we expect the positive sentiment to trickle towards technology sector. We also favour the Construction sector amid the string of positives from mushrooming of data-center related projects, while the energy sector may step up from the higher oil prices (Brent oil at two-month high).
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