Daily Market Report (24 June 2024)
- Wall Street ended mixed last Friday with heavy profit-taking in Nvidia shares as analysts raised concerns about the sustainability of their strong valuation increases.
- The S&P 500 slipped 0.2%, while the Dow rose 1.4% for the week, marking its best weekly performance since May, driven by gains in McDonald's, Nike, and Amazon.
- Meanwhile, the Nasdaq Composite fell 32.23 points, or 0.2%. In Asia, major indices finished mostly lower due to profit-taking activities.
- In Hong Kong, the HSI fell 307 points to end just above the 18,000 mark.
- On the domestic front, the FBM KLCI pared gains and ended in negative territory due to late selling.
- Despite increasing volatility, we maintain a cautiously optimistic outlook for the local market.
- Nonetheless, our long-term perspective is positive, backed by attractive valuations, robust corporate earnings, increasing FDI, and improving economic conditions.
- As such, we expect bargain hunting to prevail and anticipate the benchmark index to trend within the range of 1,590-1,600 today.
