Opening Daily Highlight
Local
Taking a break from Awal Muharram
Tue, 09-Jul-2024 08:01 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.4%) ended lower as investors took profit ahead of the long weekend festive break. The lower liners remained mixed with the Industrial sector (+0.35%) outperformed among its sectorial peers.

• Global Markets Review. Wall Street ended with little change as investors awaits the release of fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season. European stock markets closed mixed following in tandem with the volatility in French political outlook, while Asia Pacific stock markets fell. 

• Market Outlook. We expect the local bourse to remain sideways with investors turning to the sidelines following the Awal Muharram festive break. Likewise, the lower liners may trend within rangebound pattern as investors take a break from the long holiday. Key focus lies onto the release of US corporate earnings. Economic wise, investors will be monitoring speeches from Fed’s chairman Powell to gauge on US monetary policy as well as EU unemployment rate. 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 weakness in oil prices may negatively impact trading sentiment within oil & gas stocks.

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