Opening Daily Highlight
Local
Extended rally
Fri, 12-Jul-2024 07:49 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (+0.3%) extended its third-day winning streak in tandem with regional markets that tracked the overnight Wall Street performance after BNM kept OPR rate unchanged. The lower liners rebounded except for the ACE market, while the Construction sector (+2.7%) outperformed among its sectorial peers. 

• Global Markets Review. US markets saw a decline with heavyweights falling as investors rotated into smaller-cap companies after softer-than expected inflation data. Both European and Asia Pacific stock markets advanced on rate cut optimism. 

• Market Outlook. While Wall Street’s rally took a pause, we expect the FBM KLCI to continue to build onto previous sessions gains, largely supported by the foreign fund inflow. Key inflation data in US unexpectedly fell in June by 0.1% mom, shoring up optimism and paving the way to interest-rate cuts in coming months. Meanwhile, the lower liners may also see some recovery on the back of positive market sentiment. Key focus lies onto US PPI and Michigan consumer sentiment tonight. Back home, investors will be monitoring Malaysia Industrial Production data later today. We continue to favour the construction sector riding onto the upcoming slew of mega infrastructure projects rollout. Meanwhile, the buoyant retail sales data may potentially lead to improved trading sentiment within Consumer sector.

Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.183360 4.212600
EUR 4.873028 4.878308
CNY 0.589871 0.590472
HKD 0.538522 0.542295
SGD 3.220053 3.242721