Opening Daily Highlight
Mixed
Volatility Beckons
Fri, 19-Jul-2024 08:00 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.02%) eked out marginal gains after advancing into the positive territory in the final trading hour. The lower liners ended mixed, while the Technology sector (-2.0%) was hammered in tandem with the weakness on technology players in US overnight. Meanwhile, the Property sector (+1.3%) was the biggest winner to close at the highest level since March 2018.
  • Global Markets Review. Wall Street took a beating as the Dow sank -1.3%, snapping a six-day winning streak after investors brushed off the optimism over the potential rate cut and flagged risk of economic slowdown following the cooling jobs data. Meanwhile, both the European and Asia stock markets finished mixed.
  • Market Outlook. A consolidation may take place with the key index looking to defend the 1,630 pts as the recent rally took a breather. We reckon that downward pressure may take shape amid the renewed volatility on Wall Street, while investors search for fresh leads. The lower liners may also undergo a downward bias consolidation mode with many of the stocks teetering in the overbought territory. Over the interim, key focus will turn towards the preliminary reading of Malaysia’s 2Q24 GDP data later today with consensus pointing towards growth rate of 4.2%. Sector wise, we are turning defensive in view of the renewed volatility, favouring the REIT and Utilities sector. We expect the Technology sector to remain downbeat, taking cue from the negative performance of Nasdaq overnight.
Sentiment: Neutral
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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