Daily Market Report (30 May 2024)
- Wall Street slumped as sentiment became jittery on interest rates on the back of higher treasury yields.
- As traders are waiting for major inflation data tomorrow, many decided to lock in profits following the recent rally in US stocks.
- As such, the DJIA lost 411 points while the Nasdaq declined by 99 points as the US 10-yesr yield crept higher at 4.616%.
- Over in Hong Kong, the HSI dipped 344 points as traders became edgy ahead of the inflation data this Friday and to gauge if recent easing of restrictions on properties purchases will revive the sector.
- Back home, the FBM KLCI ended below the 1,610 level as selling activities continued dragged by the weak regional performance while waiting for the crucial economic data.
- Our belief of an immediate rebound did not materialize yesterday thus we may see another day of consolidation for the benchmark index until the existing uncertainty is elevated.
- As such, we expect the index to hover between the 1,600-1,610 range today.
