Daily Market Report (20 June 2024)
- Wall Street was closed for trading yesterday.
- However a look at the futures of the 3 major indices, the DJIA is in negative territory whilst both the Nasdaq and S&P 500 are making marginal gains.
- In Hong Kong, the HSI surged past the 18,000 mark as sentiment was boosted from the unveiling of more stimulus from China primarily the reforming the technology board to improve listing quality and promote tech innovation.
- Back home, the FBM KLCI maintained its consolidation to dip below the psychological 1,600 level as profit taking activities continued.
- We are indeed surprised by the lack of buying interests on the local bourse of late but expect some bargain hunting to emerge now that the index is hovering below the 1,600 mark.
- We believe market undertone is still positive thus expect the index to trend between the 1,600-1,610 range today with interests possibly on the Banks and Telcos.
