Daily Market Report (6 June 2024)
- Wall Street closed higher with strong buying in tech stocks, led by Nvidia and Apple.
- This was bolstered by economic data suggesting that the US labour market is continuing to cool, boosting investor hopes that the Fed could cut interest rates later this year.
- As a result, the Dow finished 0.25% higher, ending above the 38,800 mark, while the tech-heavy Nasdaq jumped almost 2%, closing in on the strong resistance level of 17,188.
- In Asia, key indices finished mostly lower due to profit-taking in some bourses.
- Over in Hong Kong, the HSI ended flat following mixed economic data from China.
- On the domestic front, the FBM KLCI closed lower with heavy profit-taking in banking stocks.
- We believe the outlook for local equities remains positive, supported by strong corporate earnings.
- Hence, we anticipate the FBM KLCI to trend within the range of 1,600-1,615 today.
