Opening Daily Highlight
Mixed
US jobs data in focus
Fri, 05-Jul-2024 07:15 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.1%) was nudged mildly higher, lifted by gains in selected utilities giants yesterday. The lower liners, however, ended mixed on a lacklustre trading session with market breadth between gainers and losers were fairly even. Meanwhile, the Healthcare sector (+2.0%) anchored the mostly positive sectorial peers.
  • Global Markets Review. Wall Street was closed in conjunction with the Independence Day public holiday, while futures markets are pointing towards a positive opening. European stock markets extended their gains ahead of this weekend snap parliamentary election, while Asia Pacific stock markets finished mostly upbeat.
  • Market Outlook. Going forward, we expect the key index stabilise above the 1,600 level as volatility may subside with US markets closed for the Independence Day public holiday overnight. The lower liners rally is also taking a pause as investors digest recent gains and we reckon a mild consolidation may take shape. Economic wise, investors will be monitoring the Eurozone's retail sales as well as US unemployment rate data to gauge the health of the economies. We expect the healthcare sector, particularly gloves-related stocks to build onto the previous session gains following recent reports on outbreak of measles in Asia, Africa, Europe and the UK, the Middle East and the US. Meanwhile, the construction sector is turning slightly toppish and is attracting quick profit taking.
Sentiment: Positive
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