Daily Market Report (25 June 2024)
- Wall Street finished mixed yesterday despite heavy selling in tech stocks led by Nvidia.
- The Dow climbed 0.67% with strong buying in banks and energy stocks.
- Meanwhile, the S&P 500 benchmark dipped 0.3%, while the tech-centric Nasdaq Composite dropped over 1% due to Nvidia's more than 6% decline.
- Regionally, key indices closed mixed as investors were cautious following the sell-off in global tech stocks.
- In Hong Kong, the HSI pared losses and managed to stay above the 18,000 level.
- We reckon upcoming economic data releases, corporate earnings reports, and global trade developments are expected to influence investor sentiment as Hong Kong navigates economic challenges and external pressures.
- On the domestic front, the FBM KLCI trended in a tight range and ended in negative territory in tandem with the performance of emerging markets.
- We expect this to offer opportunities for investors to engage in bargain hunting given the cheaper valuations.
- On the other hand, Brent crude oil remains elevated at above USD 83 per barrel, and we believe this will provide a short-term play on energy stocks.
- We anticipate the benchmark index to trend within the range of 1,590-1,610 for today.
