Daily Market Report (21 June 2024)
- It had been a mixed day on Wall Street with the S&P 500 touching a new record high before easing into negative territory following a weaker than expected economic data coupled with a higher than estimated weekly jobless claims.
- As such, while the DJIA gained 300 points, the Nasdaq lost 140 points as the US 10-year yield inched marginally higher at 4.261%.
- Over in Hong Kong, the HSI closed slightly lower in view of the declining Yuan which touched a 7-month low as China kept rates intact.
- On the home front, the FBM KLCI continued with its correction and dipped further below the 1,600 level attributed to persistent selling from foreign funds.
- We wonder if this has anything to do with Malaysia’s decision to join BRICS.
- Notwithstanding this, we believe bargain hunting activities should emerge anytime soon as a swift rebound above the 1,600 mark is necessary to maintain the ongoing uptrend.
- Therefore, we expect the index to hover between the 1,595-1,605 range today.
