Opening Daily Highlight
Mixed
Heading into consolidation
Tue, 18-Jun-2024 07:51 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.18%) ended lower, led by losses in more than two third of the key index components on last Friday. The lower liners remained downbeat, while the energy sector underperformed (-2.4%) dragged by heavy profit taking activities.

  • Global Markets Review. Wall Street has advanced as technology stocks such as Nvidia, Broadcom and Apple continue to performed well. Elsewhere, European stock markets also closed higher against the backdrop on the uncertainty of France political outlook, while Asia stock markets ended lower.

  • Market Outlook. The FBM KLCI is expected to consolidate as positive momentum begin losing steam following the dovish remark from the Fed on interest rate cut. Likewise, we opine that the lower liners may to follow a similar pattern as investors took a breather from recent gains. Economic wise, investors will be keeping a close tab onto US industrial production data, manufacturing production and retail sales data to gauge any weaknesses within the economy. While the energy sector took a beating last Friday, we remained optimistic on the sector as we opined the summer fuel demand may provide support for oil price. We also expect the technology sector to mirror the gains on Nasdaq overnight.
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