Daily Market Report (4 June 2024)
- Wall Street closed on a mixed note following a weak US manufacturing and construction data as well as falling crude oil prices.
- The DJIA fell 115 points while the Nasdaq gained 94 points as Nvidia boosted tech sentiment from its next generation AI chip platform.
- Meanwhile, the US 10-year yield eased to 4.392%.
- Over in Hong Kong, the HSI added 323 points following a tame US inflation report last Friday and that China’s factory activity grew at its fastest pace over the last 2 months.
- The local bourse was closed yesterday, and we believe the FBM KLCI will play some catch up today after it ended below the crucial 1,600 last Friday.
- We expect bargain hunting activities to emerge thus anticipate the index to hover between the 1,600-1,615 range today.
- Expectations that the ECB may lower interest rates this Thursday will further improve trading sentiment regionally.
