Daily Market Report (19 July 2024)
- Wall Street slumped as the sell-down on mega caps have also impacted the broader market as traders are also taking the opportunity to lock in profits following recent record breaking runs.
- As a result, the DJIA lost 533 points while the Nasdaq declined by 126 points as the US 10-year yield edged higher at 4.201%.
- In Hong Kong, the HSI closed slightly higher as traders are expecting for some reforms from China’s third plenum amid more curbs on Chinese semiconductor companies.
- On the local front, the FBM KLCI ended flat and managed to stay above the crucial 1,630 level due to some late buying activities.
- It is apparent that market undertone remains solid as we anticipate accumulation of stocks to persist.
- Nonetheless, the ongoing correction on Wall Street may see heightened volatility within the region hence we expect the benchmark index to gyrate within a narrow range of between 1,630-1,640 today.
