Daily Market Report (28 May 2024)
- Wall Street was closed for Memorial Day yesterday but a peek at the futures showed that all 3 major indices are trending positively at the moment.
- Anyhow, all eyes will be on the US personal consumption expenditure data to be reported this Friday.
- Over in Hong Kong, the HSI reversed its losses last Friday by adding 218 points as sentiment improved over China’s industrial companies profits in April that jumped 4% from a month earlier suggesting China’s policies are taking effect.
- At home, the FBM KLCI ended marginally lower after hovering in positive territory for most of the session following some last-minute selling on the Banks.
- For today, we expect accumulation of stocks to emerge, namely the Banks, as most have reported decent earnings for 1Q24 so far.
- As such, we believe the index to hover between the 1,620-1,630 range today.
