Opening Daily Highlight
Mixed
Recovery to extend
Wed, 05-Jun-2024 08:16 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+1.17%) surged to close above the psychological level of 1,600 yesterday as bargain hunting emerged. Similarly, lower liners also closed higher. The Technology (+1.93%) and Telecom (+1.81%) sectors led the gains, while the Property sector was the top loser (-0.34%).
  • Global Markets Review. US stock markets closed higher as slowing in job market after cooling of job openings data fueled hopes that the Federal Reserve might lower interest rates this year. Conversely, European markets' momentum faltered ahead of the ECB interest rate decisions later this week. Asian stock markets mostly ended in the red, led by India's market, which plummeted 5% as poll indicates unexpectedly narrower Modi win.
  • Market Outlook. We expect the positive momentum to extend today taking cue from the positive closing on Wall Street, coupled with signs of return in foreign funds. Key economic events to watch this week include the European interest rate decision and US non-farm payrolls. Sector-wise, we advise investors to look into the logistics counters, particularly freight forwarders, after positive share price momentum was observed yesterday, supported by higher international ocean freight rates. Additionally, we are bullish on the industrial product sector following the improvement in Malaysia's manufacturing PMI data in May 2024. The market may avoid O&G counters following the extended dip in oil prices due to concerns over higher supply this year.
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