Daily Market Report (27 June 2024)
- Wall Street barely stayed above water amid a muted trading session as sentiment was cautious ahead of May’s Personal Consumption Expenditure (PCE) data tomorrow.
- As a result, the DJIA added 16 points while the Nasdaq closed 87 points higher with the US 10-year yield edged higher at 4.329%.
- Over in Hong Kong, the HSI remained above the 18,000 level after China’s approval for more online games.
- However, the index closed off highs as profit taking activities emerged amid the heightening geopolitical tension.
- Back home, the FBM KLCI finally closed on a positive note underpinned by some bargain hunting activities.
- Nonetheless, we believe trading would be rather subdued as many will be waiting for the inflationary data on Friday.
- For today, we expect the index to hover within the 1,590-1,600 range as recent selling may have run its course.
- Meanwhile, crude oil prices remained strong as the Brent crude stayed above the US$85/barrel and many is expecting prices to go higher amid increasing demand and supply deficiency.
