Daily Market Report (18 June 2024)
- Wall Street closed higher due mainly to follow through buying last week with the S&P recorded a fresh new high.
- While traders are waiting for the latest retail sales data today, the DJIA gained 189 points while the Nasdaq jumped 168 points higher as the US 10-year yield inched higher at 4.285%.
- In Hong Kong, the HSI pared earlier gains as profit taking activities emerged amid a mixed set of economic data from China.
- As for the FBM KLCI, after a couple of days consolidating, we believe the benchmark index to reverse its direction and expect it to hover between the 1,610-1,620 range today attributed to bargain hunting activities.
- Again, outlook for corporate Malaysia is improving premised on the broad-based upward revision in earnings growth to 8.2% for 2025 following a respectable 16.1% growth for this year.
- Meanwhile, crude oil prices rebounded as the Brent crude price trends closer to US$85/barrel underpinned by improving demand outlook.
