Opening Daily Highlight
Local
Relief from softer US inflation data
Thu, 13-Jun-2024 07:36 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.16%) faltered into the negative territory in the final trading session yesterday with more than half of the key index components closed in red. The lower liners rally also took a breather as profit taking set into place. Meanwhile, the technology sector (+2.06%) outperformed mirroring the positive stance on Nasdaq overnight.

Global Markets Review.
Wall Street closed mixed as the Dow (-0.09%), but the S&P 500 (+0.85%) and Nasdaq (+1.53%) advanced after the US Federal Reserve dialled back just one rate cut for 2024 and signals for more in 2025. Elsewhere, European stock markets rebounded on bargain hunting, while Asia stock markets closed mixed.

Market Outlook.
The FBM KLCI took another step back ahead of the US Federal Reserve interest rate decision. We noticed that signs of cracking within the lower liners as investors booked in some profits from recent gains. For now, we expect some mild bargain hunting may emerge within the local bourse as the US Federal Reserve remains on track for a rate cut in 2024 alongside with the softer inflation data. Economic wise, investors will be keeping a watch onto the impending release of US Producer Price Index data later tonight. Meanwhile, we expect the technology sector to ride onto the gains on Nasdaq overnight. Also, the higher crude oil prices may alleviate the energy sector.

Sentiment: Negative
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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