Opening Daily Highlight
Mixed
Setback on US market
Fri, 02-Aug-2024 08:04 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.1%) shed some of its previous session gains as profit taking activities emerged yesterday. Similarly, the lower liners also declined, while the energy sector (+0.6%) outperformed among its sectoral peers.

  • Global Markets Review. US stock markets retreated with Intel and Amazon taking a hit after the announcement of disappointing results. The European stock markets closed lower, while Asia stock markets were mixed following comments from Powell, indicating a rate cut in September.

  • Market Outlook. On the global stage, the Fed maintained its key interest rate but signaled lowering it as early as mid-September, due to easing inflation and a cooling job market. Nevertheless, the sell-off in Thursday has shown growing fears of potential recession in the US market amid the softer economic data lately. Back home, we anticipate the local bourse to remained flat due to negative sentiment from the global market. Meanwhile, the lower liners are likely to move similarly to the key index due to tepid trading appetite. Key economic focus later today would be US unemployment rate and factory orders. Given the rise of volatility risk in the market, we advocate investors to turn defensive and focus onto gold related stocks on renewed Fed cut bets.
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