Opening Daily Highlight
Local
Swift Recovery
Wed, 24-Jul-2024 07:05 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.5%) recouped some of its previous session losses, lifted by recovery in more than half of the key index components yesterday. The lower liners also fared better, while majority of the sectors closed in green with the Construction sector (+2.0%) leading the pack. 

• Global Markets Review. Wall Street turned wobbly as the Dow fell -0.1% on a mixed bag of earnings results from Alphabet and Tesla, while new home sales data for June 2024 fell -5.4% yoy; the steepest contraction since 2022. European stock markets ended mixed, while Asia stock markets finished mostly upbeat. 

• Market Outlook. Expectedly, a mild recovery took precedence as bargain hunting activities emerged with the key index now a hair away from the 1,630 pts. We expect a consolidation may take shape as investors may turn cautious ahead of the release of Malaysia inflation rate data later today which may see some impact from the removal of diesel blanket subsidy. The lower liners may attempt to build onto previous session recovery but we expect gains to be choppy as quick profit taking activities comes into the picture. Key focus remains onto the US corporate earnings releases over the interim. Sector wise, we expect weakness to prevails within the oil & gas sector with crude oil prices tanking for the past four straight sessions. Meanwhile, we expect the Construction sector to build onto yesterday’s recovery with the industry remain robust

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