Opening Daily Highlight
Mixed
Pessimistic stance remains in store
Wed, 19-Jun-2024 07:51 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.07%) ended flat as investors were still taking a break from the long weekend festive holiday. Similarly, the lower liners extended their pullback, while the plantation sector outperformed (+0.3%) among the mostly negative sectorial peers.
  • Global Markets Review. Wall Street closed higher thanks to the gains in technology sector with Nvidia taking the lead in this bullish run, surpassing Microsoft as the most valuable company in US. Elsewhere, European stock markets extended its positive momentum, while Asia stock markets also rebounded in tandem with the rally in the US market overnight.
  • Market Outlook. We foresee the local bourse to consolidate above the 1,600 level in absence of fresh catalyst. Likewise, we opine that the lower liners may to follow a similar pattern but bargain hunting activities may take place over the near term. Economic wise, investors will be keeping a close tab onto US industrial production data, manufacturing production and retail sales data as well as EU inflation rate to gauge any weaknesses within the economy. We expect trading interest to flow towards oil & gas stocks with Brent oil prices rising above US$80/bbl. Meanwhile, the firmer gold prices due to expectation of reduce interest rate may warrant a look onto gold-related stocks. The technology sector may also mirror the positive performance on Nasdaq overnight.
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