Opening Daily Highlight
Mixed
No surprise on pullback
Wed, 31-Jul-2024 08:33 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.8%) retraced previous gains overnight as profit taking activities emerged ahead of the Fed meeting. Similarly, the lower liners ended lower, while the healthcare sector (-2.1%) was the worst performer among its sectoral peers.

  • Global Markets Review. Wall Street closed mixed overnight with the Dow advancing, while the Nasdaq and S&P 500 retreated, dragged by decline in technology sector. The European stock markets closed mostly higher due to positive corporate actions and earnings estimate from Standard Chartered and BP, while Asia stock markets ended lower.

  • Market Outlook. Once again, we opine that the FBM KLCI may continue to trend sideways with investors are likely to adopt a cautious approach while awaiting the Fed’s interest rate decision this Thursday. Likewise, we expect the lower liners to remained downbeat sharing the same sentiment from the main market. Economic wise, investors will be keeping an eye onto US Chicago PMI and home sales that is expected to be release today. Moving forward, we expect to see some trading opportunity in transportation sector after Transport Minister Anthony Loke express hope to develop and enhance the infrastructure at existing ports, aiming to make Malaysia a ‘homeport’ for cruise ships. Conversely, oil & gas stocks will likely come under pressure with weakness in Brent oil prices which fell below USD76/bbl, as softer outlook in China economy continue to overshadow tensions in the Middle East.
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