Opening Daily Highlight
Local
Still within consolidation
Thu, 30-May-2024 08:08 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.65%) staged another pull back, in line with the negative performances across regional markets. The lower liners were negative, while the Utilities sector (+0.12%) has outperformed its mostly negative sectorial peers.
  • Global Markets Review. Wall Street took a beating as the Dow fell -1.06% after the selloff in bond markets were negatively impacted the equities market. Meanwhile, European market and Asia market retreated in line with losses across global markets.
  • Market Outlook. We expect the FBM KLCI to trade in a downward bias consolidation pattern in absence of fresh catalyst. The extended weakness may be weighed by the hawkish outlook from the US Beige Book which highlights potential higher for longer interest rate outlook. Looking ahead, key focus lies onto the pinnacle of quarterly reporting season which will dictate market sentiment. Any further recovery is expected to be tampered by quick profit takings, over the interim. Economically, investors will be monitoring EU’s consumer confidence and unemployment rate as well as US’s 1Q24 GDP (2nd estimate) to be release today. Amidst the volatile market sentiment, we advocate investors to stay defensive and to focus on the Utilities sector.
Sentiment: Negative
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Market Mover
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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