Trade Performance and Fund Flow Week Ended 19 July
- Emerging market experienced a broad-based decline last week as seven out of ten Asian stock exchanges observed closed lower. The moderation was mainly led by KOSPI and TWSE indices following profit taking of several tech-related counters. The MSCI Emerging Market index closed 3.0% lower.
- China markets ended on mixed note as the Shanghai Composite Index rose marginally by 0.4% while the Shenzhen Composite Index dipped by 0.5%. The country completed its third plenary session last week whereby the government announced its decision on further comprehensively deepening of reform and promoting Chinese-style modernisation. However, investors were concerned on the lack of concrete details to address China’s economic difficulties.
- Overall market capitalisation extended its winning streak and once again reached a new YTD high of RM2,097.55 bil on 17 July before closing lower at the end of the week. Six out of 13 indices showed expansion, with the Construction sector leading the growth.
- The FBMKLCI continued its upward trajectory for the third consecutive week, climbed 1.1% to close at a new YTD high of 1,636.55pts at the end of the week. The bullish momentum was attributed to the optimism over early Federal Reserve (Fed) cut rates as resilient U.S. retail sales data fuelled hopes for a soft landing for the US economy. Additionally, investor confidence was further bolstered by Malaysia’s higher-than-expected GDP growth of 5.8% in the second quarter of 2024.
Published Date
23 Jul 2024
Publisher
Bursa Digital Research
