Opening Daily Highlight
Mixed
Impending recovery
Mon, 29-Jul-2024 12:10 pm
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.1%) concluded the week with a softer note as investors continue to stayed on the sideline ahead of the release of US key inflation indicator. The lower liners also retreated, while the Energy sector (+0.8%) outperformed among its sectoral peers.

Global Markets Review. US stock markets rebounded following the release of Personal Consumption Expenditure (PCE) that came in line with market expectations, raising prospect on September interest rate cut. European and Asia stock markets ended mostly higher buoyed by optimism stemming from the US market.

    Market Outlook. Recent US PCE data highlights easing consumer spending, which boosted confidence on potential cooldown in inflation rate. Back home, the FBM KLCI is likely to trend upwards driven by optimistic sentiment observed in the US market. Economic wise, investors will be keeping an eye onto Malaysia’s PPI to be release today. Moving forward, we advocate directing attention towards gold-related stocks, following the strength in rising gold prices which hovered above US$2,300/oz. On the other hand, oil & gas stocks might come under pressure with weakness in Brent oil prices as China oil import in June took a dive. This, coupled with surprise rate cuts in China, has raised concerns that Beijing is struggling to revive the world’s second-largest economy.

    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