Opening Daily Highlight
Mixed
US non-farm payroll data in focus
Fri, 07-Jun-2024 08:06 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.39%) closed higher yesterday, driven by positive spillover from Wall Street. Similarly to lower liners ended higher as trading activities flourished. Utilities sector (+3.5%) led the gainers among the sectors, while plantation sector and telecom sector were the only two sectors ended in red as profit taking emerged.
  • Global Markets Review. Wall street ended mixed ahead the non-farm payrolls data which will be release today as investors turned to sidelines for further indications of the Fed interest rates stances. Meanwhile, European market ended higher with the key benchmark index closed at record high after ECB announced the first interest rate cut since 2019. Asia stock market mostly ended higher following with the positive spillover from Wall Street.
  • Market Outlook. We expect the local market to trade sideways on the last trading day of the week while awaiting fresh catalysts. However, any the downside will be capped by signs of returning foreign funds. The overall market will be closely watching the US non-farm payroll report, which will be released today, for further signs of cooling in the labour market as an indicator of the Fed's interest rate stance. Sector-wise, the technology sector is expected to see some buying interest following the announcement of strong global semiconductor industry sales data and forecasts by the Semiconductor Industry Association (SIA). Meanwhile, glove counters may attract trading interest following the Deputy Minister's positive remarks over the outlook on glove exports in achieving double-digit growth for 2024.
Sentiment: Neutral
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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