Daily Market Report (29 May 2024)
- Wall Street closed on a mixed note despite the Nasdaq hitting a record high above the 17,000 level.
- Overall sentiment was cautious affected by the lacklustre demand of US Treasury auction that saw higher yields in the process.
- As a result, the DJIA lost 217 points while the Nasdaq gained 99 points as the US 10-year yield edged higher at 4.548%.
- Over in Hong Kong, the HSI ended flat after a strong morning session as profit taking activities emerged.
- Nonetheless, the overall mood on the market is improving after Shanghai announced the easing of restrictions for property purchases.
- On the home front, the FBM KLCI failed to maintain above the 1,620 mark after a positive opening as sellers came out in force amid a rather weak regional performance.
- Though this is deemed a healthy market correction, we believe the index needs to re-test the 1,620 level as soon as possible before the ongoing consolidation is prolonged.
- Therefore, we expect the index to trend between the 1,615-1,625 range today.
