Opening Daily Highlight
Local
Lingering on sideways
Wed, 29-May-2024 07:57 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.15%) took another step back as selling pressure from foreign funds intensifies. The lower liners were negative, while the consumer sector (+0.12%) was the only outperformer among the negative sectorial peers.
  • Global Markets Review. Wall Street finished mixed with Nasdaq charging ahead while the S&P500 remained flattish and the Dow ended lower as treasury yield rose. Meanwhile, European market has retreated as travel and leisure stocks lead losses. Asia market also closed lower with investors staying on the sideline while assessing signals from ECB on potential rate cuts.
  • Market Outlook. Once again, we opine that the FBM KLCI may continue to trend sideways as investors continue to monitor onto the on-going flurry of corporate earnings releases on the local front. Similarly, the lower liners may trend sideways with investors takes a break ahead of the result season. Economically, investors will be monitoring EU’s consumer confidence and unemployment rate as well as US’s 1Q24 GDP estimate to be release this Thursday. We remain bullish on export-related stocks, as the prolonged high interest rates in the US are likely to weaken the Ringgit against the US Dollar. Additionally, we also expect the technological sector to mirror the gains on Nasdaq overnight.
Sentiment: Negative
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.170987 4.204276
EUR 4.872100 4.877133
CNY 0.589575 0.590185
HKD 0.537072 0.540837
SGD 3.222926 3.245616