Opening Daily Highlight
Local
US Federal Reserve Interest Rate in Focus
Wed, 12-Jun-2024 07:15 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.18%) extended its pullback with more than half of the key index components closed in red. The lower liners, however, extended their upward trajectory. Meanwhile, the construction sector (+4.28%) outperformed that is riding onto the investment theme into data centres. 

Global Markets Review. Wall Street ended mixed as the Dow slipped - 0.31% on weakness in banking giants, but the S&P 500 (+0.27%) rose after recovering from the intraday lows. Lifted by technology players. Elsewhere, European markets were rattled by political instability in France, while Asia stock markets closed mostly in red. 

Market Outlook. The FBM KLCI continues to remain in red alongside with the weakness across majority of regional peers yesterday. Still, the lower liners remain in focus as traders capitalise onto the surge in trading liquidity as of late. Going forward, we expect further volatility may take shape on the key index, potentially stem from the uncertainties surrounding France politics. Also, investors may turn slightly cautious ahead of the key inflation data to be release and we expect the US Federal Reserve to keep benchmark interest rate unchanged later tonight as well. We expect selected building material players to see improve trading interest from the hike in concrete prices following the removal of diesel subsidies. Amidst the renewed market volatility, we advocate investors to stay defensive, opting towards Utilities, REIT and Consumer sectors.

Sentiment: Negative
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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