Opening Daily Highlight
Mixed
Key 1,630 Resistance Level in Focus
Tue, 16-Jul-2024 07:45 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.7%) closed higher, tracking the positive performance of Wall Street last week. Lower liners also marched higher, reflecting improved broad market sentiment. The market was led by the Construction (+2.2%), Property (+1.3%), and Technology (+1.2%) sectors, which were the preferred option of foreign funds. Conversely, the Energy (-1.4%) sector was the top loser as crude oil prices slipped.
  • Global Markets Review. Wall Street closed higher, with indices closed at refresh new record highs following the Fed chairman's speech, which suggested a dovish tone. Meanwhile, the European stock market closed lower, led by losses in the Household Goods and Utilities sectors. Asian stock markets ended mostly in red after China's GDP and retail sales figures missed expectations.
  • Market Outlook. Following the bullish Wall Street's strong performance overnight, we reckon the key index may build onto its previous session gains to attempt for a breakthrough above the 1,630 pts. Additionally, attention should be given to market sentiment following slower-than-expected economic data from China which may limit any potential gains. Investors are also advised to keep an eye on the ongoing earnings season in the US throughout the week. We anticipate that the Construction, Utilities, and Technology sectors will continue to be preferred choices for foreign fund investors. Additionally, opportunities are expected in the Plantation sector, driven by news of palm oil trade deals with China and potential supply concerns due to La Niña in the second half of 2024.
Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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