Daily Market Report (19 June 2024)
- Wall Street closed positively as both the Nasdaq and S&P 500 reached new record highs again amid a weaker than expected retail sales spurring hopes of possible lower interest rates going forward.
- Buoyed by the usual suspects, the Nasdaq added 5 points while the DJIA gained 57 points while the US 10-year yield eased slightly to 4.219%.
- Over in Hong Kong, the HSI weakened marginally as sentiment have turned cautious and many are awaiting for new stimulus to prop-up China’s recent sluggish economic data amid the latest trade tension with the EU.
- On the local front, the FBM KLCI ended in marginally lower, paring earlier gains due to late selling activities.
- Nonetheless, we noticed daily volume remains decent hovering around the 6bn shares daily hence foresee trading on the local bourse is still healthy.
- For today, we expect the benchmark index to trend higher hence anticipate the index to hover between the 1,605-1,615 range as Wall Street will be closed for trading today.
