Opening Daily Highlight
Local
Measured recovery
Fri, 14-Jun-2024 07:41 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.08%) edged mildly higher, supported by gains in utilities giants yesterday. The lower liners extended their upward momentum, while the energy sector (+3.36%) led the sectorial gainers list following the recovery in crude oil prices.
  • Global Markets Review. Wall Street finished mixed once again as the Dow (-0.17%) slipped on the unexpected decline in Producer Price Index data (-2.0% mom), but the S&P 500 (+0.23%) and Nasdaq (+0.34%) advanced on gains from Tesla and Broadcom. Elsewhere, European stock markets took a beating on concerns over the political uncertainty in France and automakers slid after the European Union announce to impose as much as 48% tariff on EV imports from China, while Asia stock markets ended mixed.
  • Market Outlook. The FBM KLCI recovered but gains were capped as quick profit taking were noticeable within selected plantation and oil & gas heavyweights. While lower liners rebounded, we continue to advocate a cautious stance as majority of the stocks have made a decent run and could be poise for a consolidation. Economic wise, investors will be keeping a close tab onto the Bank of Japan’s interest rate decision which we expect rates to be kept unchanged as well as preliminary data of US Michigan Consumer Sentiment. We are sanguine over the healthcare sector (particularly gloves) amid the improving prospects. Following the sharp run in energy sector, we reckon some profit taking may take shape today.
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