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All eyes on US non-farm payrolls
Fri, 04-Oct-2024 07:52 am
by Research Team • Apex Research

Market Review & Outlook 

  • Malaysia Market Review. The FBM KLCI closed slightly higher, gaining +0.14%, as bargain hunting emerged following Wednesday's slump. Lower liners ended the session mixed. Sector-wise, the Energy sector (+0.8%) led the gainers, driven by rising oil prices amid ongoing Middle East tensions, while the Technology sector (-1.3%) was the top laggard.

 

  • Global Markets Review. US stock markets ended lower, with all three major indices closing in the red, as higher-than-expected jobless claims indicated a softer labor market, compounded by ongoing negative sentiment surrounding Middle East tensions. Similarly, European markets closed lower, with the main index down -1%. In Asia, stock markets were mixed; Japan's markets finished positive, while profit-taking emerged in Hong Kong.

 

  • Market Outlook. We expect the local bourse to continue trading sideways following the slightly higher jobless claims release as investors await tonight’s US unemployment data, which will provide further insights into the US economic outlook. Likewise, the lower liners may follow a similar pattern as investors took a breather from recent gains. Meanwhile, lingering negative sentiment from Middle East tensions continues to pose downside risks to the market. Sector-wise, we anticipate the Energy sector to outperform others as funds continue rotating into this sector, supported by rising oil prices amid supply concerns driven by the Middle East conflict.\

     

FBM KLCI Technical Review & Outlook

  • Technical Commentary: The FBM KLCI formed a hammer candle to close marginally higher the key index defended the SMA50 level yesterday. Indicators, however, remained negative as MACD hovered below the Signal Line, while the RSI ticked below 50. Immediate resistance is located at 1,700. Support is envisaged around 1,635.

     

Company News

  • MyEG Services Bhd blockchain developer, Zetrix, has come out with a digital identification (ID) verification service for Chinese nationals on the ZCert service. 

  • Varia Bhd has appointed Datuk Seri Mohd Nizom Sairi, the former chief executive officer and director general of the Inland Revenue Board (LHDN), as its new independent and non-executive chairman.

  • Malayan Banking Bhd has signed a memorandum of understanding with China's Bank of Hangzhou to work together on enhancing cross-border business and advancing digital innovation.

  • Harrisons Holdings (Malaysia) Bhd has proposed to split each of its shares into five shares in a move to improve the trading liquidity of the shares. 

  • The privatisation of MPHB Capital Bhd has been met with a stumbling block put up by ISM Sdn Bhd, which is the company's minority partner in six joint-venture companies.

  • The total sum for the proposed disposal of Kuchai Development Bhd’s assets and liabilities to Sungei Bagan Rubber Company (M) Bhd has been revised lower following the exclusion of an agricultural land parcel in Semenyih, Selangor. 

  • NH Foods Ltd, a joint venture partner of egg producer Lay Hong Bhd, has ceased to be the latter’s substantial shareholder after disposing of 62.32 million shares, or an 8.24% stake.

  • Atlan Holdings Bhd indirectly owned units, Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd have received notices for the compulsory acquisition of their lands in Bukit Kayu Hitam, Kedah, for a road construction project. 

  • Techna-X Bhd has called off its plans to develop an 85-acre microalgae farm and produce algae biofuel following the mutual termination of a tripartite agreement.

  • Velesto Energy Bhd has completed its mandatory five yearly special periodical survey for its Naga 6 back-up rig on schedule. 

Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.264979 4.298658
EUR 4.691027 4.700048
CNY 0.605014 0.605686
HKD 0.548687 0.553098
SGD 3.270511 3.296626