KLSE Daily Market Summary 25th September 2024
Market Experiencing a Slowdown
The market has been slowing down after its strong rally since last Thursday, which was largely driven by the positive sentiment from the US rate cut.
Gloves and technology stocks were hit hard today as the MYR continues to strengthen, with the MYRUSD exchange rate briefly reaching RM 4.1 this morning. These sectors are heavily exposed to the US dollar, as much of their revenue is USD-based.
On a positive note, the consumer sector is seeing some traction, with stocks like $MRDIY (5296.MY)$ , $FFB (5306.MY)$ , $99SMART (5326.MY)$ , and $MYNEWS (5275.MY)$ gaining attention. The upcoming salary increase for civil servants (effective from December 1st) is expected to further boost this sector.
However, the short-term readings have turned negative, with the Market Momentum Tracker also moving into negative territory. Breakdowns are exceeding breakouts in both short and long-term readings, and more than half of the stocks are trading below their short-, medium-, and long-term trends, indicating a continued downward trend.
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