Opening Daily Highlight
Local
Dovish remarks from US Fed
Wed, 10-Jul-2024 07:52 am
by Research Team • Apex Research

•Malaysia Market Review. The FBM KLCI (+0.2%) rebounded buoyed by buying support in the heavyweight counters, ahead of BNM OPR decision that is expected to be release this Thursday. On the other hand, the lower liners fell on profit taking, while the Technology sector (+1.3%) outperformed among its sectorial peers. 

• Global Markets Review. Wall Street remained flat despite Fed Chairman Jerome Powell struck a moderately dovish tone in his comments on rates outlook. European stock markets slipped following the political uncertainty in France, while Asia Pacific stock markets recovered. 

• Market Outlook. While the FBM KLCI managed to tick higher owing to mild buying support, we foresee the benchmark to hover within the 1,600 to 1,630 level. Likewise, the lower liners may trend within rangebound pattern as investors awaits fresh catalyst. Key focus lies onto the on-going release of US corporate earnings. Economic wise, investors will be monitoring China inflation rate and PPI as well as Malaysia unemployment rate later today. We favour stocks which has large exposure in the export markets, premised on Malaysia becoming a member of the intergovernmental organisation, BRICS which will attract domestic and foreign traders. Meanwhile, the weakness in oil prices may negatively impact trading sentiment within oil & gas stocks.

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