Daily Market Report (11 June 2024)
- Wall Street ended in positive territory with both the Nasdaq and S&P recording new highs ahead of the Federal Reserve’s stance on interest rates this Wednesday.
- Consensus views that the Feds will keep rates steady following a strong job data last Friday.
- As such, the DJIA gained 69 points where the Nasdaq added 59 points as the US 10-year yield edged higher at 4.471%.
- The Hong Kong market was closed yesterday for Dragon Boat festival and will resume trading today.
- On the home front, the FBM KLCI closed lower after struggling to maintain its uptrend amid a mixed regional performance.
- Nonetheless, we noticed that daily volume remains decent at around the 6bn shares threshold and should improve over time when the buyers return to the smaller cap companies.
- For today, we expect the index to hover between the 1,610-1,620 range and the emergence of bargain hunting activities in the event if the index test the 1,610 mark.
- Meanwhile, the Brent crude price closed in of US$82/barrel on improving demand.
