Opening Daily Highlight
Local
All Eyes on Bank Negara OPR Decision
Thu, 11-Jul-2024 07:38 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.3%) extended its gains as investor turned optimistic on potential US rate cut in September following the dovish remark from Powell. The lower liners were mixed, while the Construction sector (+1.7%) outperformed among its sectorial peers. 

• Global Markets Review. Wall Street rallied overnight led by positive momentum from technology stock such as Nvidia and Apple. European stock markets rebounded following the political uncertainty in France, while Asia Pacific stock markets were mixed. 

• Market Outlook. We expect the FBM KLCI to build onto previous sessions gains, taking cue from the positive developments on Wall Street overnight. The lower liners may also see some recovery on the back of positive market sentiment. Key focus lies onto US inflation rate which will help determine expectations for a sooner rate cut in September. Back home, investors will be monitoring BNM OPR rate decision as well as retail sales later today. Moving forward, we foresee the construction sector to remain active in 2H24 as regular open tenders and pre-qualified selected tenders will be announced by the government following the utilisation of the remaining 40% of allocated development fund in Budget 2024. We also anticipate buying interest may spillover towards the technology sector on the local front, mirroring the recovery in Nasdaq.

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