Opening Daily Highlight
Mixed
Cautions prevails ahead US employment data
Tue, 29-Oct-2024 07:36 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI fell by -0.9%, marking its fifth consecutive session of decline, bucking the positive momentum across regional markets gains. The lower liners also ended lower, with Utilities (-1.6%) and Telecom (-1.6%) sectors leading the losses.

  • Global Markets Review. US stock markets ended mixed after a volatile intraday session, with the Nasdaq closing in positive territory while the Dow slipped, as investors awaited a key earnings-heavy week and unemployment data for economic insights. European markets closed slightly lower, capping off the week in negative territory following a series of corporate earnings reports. Meanwhile, Asian markets mostly finished in the green, led by gains in China and Hong Kong.

  • Market Outlook. Local sentiment remains pressured by the outflow of foreign funds to China markets. Following last week’s underperformance, some bargain hunting is anticipated today; however, caution is likely to persist as investors monitor upcoming US employment data and corporate earnings for insights into economic conditions. We remain optimistic about the Construction sector, expecting it to continue outperforming on local development progress. Meanwhile, the Energy sector may experience a rebound today as oil prices recover. Conversely, the Plantation sector could see some profit-taking due to lower CPO prices, pressured by a recent drop in soybean prices.

FBM KLCI Technical Review & Outlook

  • Technical Commentary: The FBM KLCI took another dive as the key index sank below the lower Bolinger Band on last Friday. Indicators remained negative as MACD Line hovered below the Signal Line, while the RSI treaded below 50. Immediate resistance is located at 1,675. Support is envisaged around 1,600.

 

Company News

  • Gamuda Bhd said its 75%-owned joint venture company has been appointed as the total development contractor to build a hydroelectric plant in Sabah for RM3.05 billion.

  • ACE Market-bound OB Holdings Bhd’s wholly-owned subsidiary has received a dispute notice from a customer, Nature One Dairy (Hong Kong) Ltd (NOD), for allegedly breaching the purchase and supply agreement between the two. 

  • MyEG Services Bhd's joint venture company MYEG Philippines Inc (MYEG PH) has partnered with the Philippines' National Home Mortgage Finance Corporation (NHMFC) to integrate its payment system with the state-owned agency's platform. 

  • MN Holdings Bhd has partnered with Protech Builders Sdn Bhd (PBSB) to jointly tender for sub-contract works for the construction of a data centre project.

  • Padini Holdings Bhd announced plans to refurbish nine stores, open four new outlets, and close one location in Malaysia in the current financial year ending June 30, 2025 (FY2025) as part of efforts to streamline its retail operations.

  • Malakoff Corp Bhd said the deadline for the fulfilment of the conditions precedent in the group's proposed acquisition of a 49% stake in solid management company E-Idaman Sdn Bhd has been extended for a third time till Jan 28, 2025.
Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.389719 4.419319
EUR 4.730753 4.734314
CNY 0.613618 0.614097
HKD 0.564733 0.568558
SGD 3.307640 3.330253