Opening Daily Highlight
Mixed
Expecting positives to spillover
Thu, 06-Jun-2024 08:00 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (-0.43%) retreated yesterday as profit taking emerged coupled with selling pressure in banking sector heavyweights. Meanwhile, lower liners ended mixed after surging on Tuesday. The Telecommunications & Media (+1.26%) and Technology (+0.53%) sectors remained as the top gainers, while the Energy sector (-1.50%) was the top loser following the dip in international oil prices.

Global Markets Review. Wall street extended gains led by technology heavyweights with the Nasdaq index closed at record high overnight, lifted by cooling job market data and falling of treasury yields. Similarly to European market closed higher led by technology stocks as well ahead of ECB interest rate decisions later this week. Asian stocks market ended mixed with India market recover after a significant sell-off in the previous session as investors evaluated the country's election results.

    Market Outlook. The local market is likely to mirror the positive momentum in Wall Street overnight. However, the upside potential of the key index may be capped due to concerns in banking heavyweight following the exclusion of Ambank from the index. Investors will continue to keep an eye on key economic events, including the European interest rate decision and US non-farm payrolls this week. Sector-wise, the technology sector is likely to extend its momentum, taking cue from the surge in the Nasdaq overnight. We remain bullish on logistics counters, particularly freight forwarders, supported by higher international ocean freight rates.

    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