Daily Market Report (3 July 2024)
- Wall Street closed higher as both the S&P 500 and Nasdaq touched another record high despite the Federal Reserve reiterating that it is not ready to cut rates as yet until inflation sustains its slide towards 2%.
- As a result, the DJIA gained 162 points while the Nasdaq jumped by 149 points with the US 10-year yield easing slightly to 4.436%.
- In Hong Kong, the HSI ended marginally higher as sentiment improved over the Chinese manufacturing data.
- On the home front, the FBM KLCI pared earlier gains to close marginally lower attributed to late selling activities.
- Nonetheless, we noticed the presence of buyers coupled with improving trading volume which breached the 5bn shares level.
- For today, we expect the index to possibly trend within the 1,600-1,610 range as bargain hunting activities is anticipated to persist.
- Meanwhile, crude palm oil (CPO) price improved to around the RM4,000/tonne may induce some interest on Plantation stocks.
