Opening Daily Highlight
Local
Taking Another Jab Towards 1,630
Wed, 17-Jul-2024 07:23 am
by Research Team • Apex Research

•Malaysia Market Review. The FBM KLCI (-0.2%) pared some of its previous session gains on profit taking in more than half of the key index components. The lower liners also retreated amid the negative market sentiment. Meanwhile, majority of the sectors closed in red with the Industrial Products & Services sector (-0.8%) took the worst hit. 

• Global Markets Review. Wall Street charged to fresh record high levels after the sluggish retail sales data reinforced expectations over the prospects of interest rate cut alongside with the better-than-expected batch of corporate earnings. Meanwhile, the European stock markets extended their decline on dour outlook from luxury companies. Asia stock markets finished mixed. 

• Market Outlook. Although the key index unable to surpass the 1,630 resistance, we expect the key index may take a jab towards the aforementioned level again, tracking the gains on Wall Street overnight. Meanwhile, the rally in lower liners may take a breather to allow recent gains to be digested, whilst upward momentum persists. Key focus lies be onto the release of US Industrial Production and Manufacturing Production data later tonight. Back home, the automotive sector is expected to see improved trading activities after Malaysian Automotive Association (MAA) revised new motor vehicle sales higher to 765,000 units in 2024, from previous estimate of 740,000 units. We also expect gold-related stocks to be buoyed by the higher gold prices that strengthened above US$2,400/oz.

Sentiment: Negative
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Market Mover
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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