Daily Market Report (12 June 2024)
- Wall Street closed on a mixed note as traders are waiting for the inflation data out later today coupled with the Federal Reserve outlook on interest rates.
- As a result, the DJIA lost 121 points while the Nasdaq jumped by 151 points largely thanks to Apple that saw share price soar amid optimism of its new AI feature.
- Meanwhile, the US 10-year yield eased slightly to 4.402%.
- In Hong Kong, the HSI fell as traders turned cautious on rates in the US after a strong job data last week.
- There was also a sell-down on EV manufacturers following statements from Türkiye of imposing tariffs on Chinese EVs.
- Back home, the FBM KLCI failed to maintain its strong opening as late selling saw the index closing lower.
- Nonetheless, we noticed some muted accumulation on stocks thus expect the index to hover between the 1,605-1,615 range today.
- If you missed our Rakuinsights yesterday, there are trading opportunities on logistic related players namely KGW, FM Global, Tasco and Harbour Link following a surge in Global Freight rates which have more than doubled YTD.
