Opening Daily Highlight
Mixed
Expecting bargain hunting to emerge
Tue, 04-Jun-2024 08:09 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (-0.47%) ended below the psychological level of 1,600 on the last trading day of May 2024 as an extended correction took place. Similarly, lower liners closed lower. The REIT and financial sectors were the only sectors that closed in the green, indicating a risk aversion sentiment in the market.
  • Global Markets Review. US stock markets closed higher, led by technology stocks despite weaker manufacturing data released. Meanwhile, European stock markets ended higher ahead of the ECB interest rate decision later this week. Asian stock markets mostly closed in the green, led by India's stock market.
  • Market Outlook. We expect some bargain hunting to emerge today after last week's correction, supported by positive sentiment in global stock markets overnight and the end of the earnings season, which may boost market confidence. Additionally, better-than-expected China manufacturing activity is likely to support the local bourse today. Key economic events to watch this week include the European interest rate decision and US non-farm payrolls. We are bullish on data centre-related stocks after Google announced a RM9.4b investment plan in Malaysia. The technology sector is also likely to see buying interest following gains in US technology stocks overnight. However, we may see some selling pressure in O&G counters following the dip in oil prices.
Sentiment: Positive
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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