Opening Daily Highlight
Local
Sapped by Renewed Political Uncertainty
Tue, 23-Jul-2024 07:40 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.9%) started off the week on a dour note alongside with weakness across regional markets as the key index saw more than two third of the key index components finished lower. The lower liners remain downbeat, while all 13 major sectors closed in red with the Construction sector (-2.2%) taking the worst hit. 
  • Global Markets Review. Wall Street rebounded from two-day slump as the Dow climbed 0.3% as investors turned their attention towards the corporate earnings releases. European stock markets also rebounded with technology and financial stocks leading the recovery, while Asia stock markets ended mostly in red.
  • Market Outlook. Local markets were dampened by renewed volatility yesterday with the key index languished largely in the red that was impacted by the renewed uncertainty in US Presidential election. Following yesterday’s slump, we reckon mild recovery to emerge as investors takes the opportunity to bargain hunt beaten down stocks. Meanwhile, the lower liners may also stage a recovery. Investors will be keeping a close watch onto US corporate earnings with the likes of Alphabet and Tesla reporting their numbers later today. Also, key economic data in focus today would be Malaysia inflation rate as well as US new home sales. We expect the Technology sector may mirror the recovery on Nasdaq overnight, while the Plantation sector may ride onto the six consecutive session of rally with CPO prices inches towards RM4,000/MT.
Sentiment: Negative
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.324289 4.356381
EUR 4.811286 4.818234
CNY 0.611140 0.611494
HKD 0.554703 0.558834
SGD 3.320927 3.345892