Daily Market Report (2 July 2024)
- Wall Street closed firmer in a shortened trading week despite traders are becoming concern over the lack of market breadth during the recent run-up.
- Nonetheless, the DJIA rose 51 points while the Nasdaq jumped 147 points with the US 10-year yield edging higher to 4.47%.
- Hong Kong market was closed yesterday.
- Back home, the FBM KLCI closed higher as bargain hunting activities emerged after a 7-day decline.
- However, we noticed daily volume traded has declined tremendously to below the 4bn units threshold hence expect this to improve soon to sustain the recent uptrend.
- As such, we anticipate the index to trend between the 1,600-,1610 range today as valuation remains reasonable amongst the blue chips.
- Meanwhile, crude oil prices were mostly higher with the Brent crude closing in to the US$87/barrel on heightening geopolitical tension and improving demand.
