Daily Market Report (31 May 2024)
- Wall street extended its decline as sentiment remains affected by a weak guidance from Salesforce the prolonged no rate adjustment ahead of the crucial inflation data out later today.
- As such, the DJIA slumped 330 points while the Nasdaq dropped 183 points with the US 10-year yield falling to 4.55%.
- Over in Hong Kong, the HSI extended its losing streak amid the rising US Treasury yields and the waning outlook for China’s property sector.
- The index lost more than 500 points over the last 5 days after a brief rally since early-May.
- Back home, the FBM KLCI fell marginally to just below the 1,605 level as market undertone stayed cautious in line with the weak regional performance.
- It is crucial that the index does not dip below the psychological 1,600 mark thus we expect some buying support to emerge albeit in a muted manner in view of an extended weekend.
- Therefore, we expect the index to hover between the 1,600-1,610 range today.
