Daily Market Report (28 June 2024)
- Wall Street edged marginally higher as traders remain sidelined ahead of fresh inflation data to be out later today.
- As a result, the DJIA closed 36 points higher while the Nasdaq added 53 points.
- Meanwhile, the US 10-year yield dipped slightly to 4.286% on higher jobless claims indicating a softening US job market.
- Over in Hong Kong, the HSI fell by more than 370 points over the weaker industrial profits from Chinese companies illustrating that China’s economic recovery momentum may be weakening.
- Back home, the FBM KLCI ended lower as selling persisted amid a declining regional performance.
- We believe trading pattern on the local bourse to be subdued today ahead of the release of the US personal consumption expenditure data later today.
- Therefore, we expect the benchmark index to trend between the 1,580-1,590 range today.
- At current levels, the local bourse is trading at a reasonable 15x market PER as compared to the historical 16.5x thus may instigate some bargain hunting activities in due course.
