Daily Market Report (19 June 2023)
- Wall Street slipped as profit taking sets in following a solid uptrend of late.
- As such, the DJI Average lost 109 points while the Nasdaq declined by 93 points as the US 10-year yield inched higher to 3.767%.
- In Hong Kong, equities continue to trend higher with the HSI closing above the 20,000 mark.
- After a much-welcomed cut in borrowing costs last week, traders remain confident of more stimulus packages following a series of dismal economic data from China.
- Back home, the FBM KLCI surged to positive territory attributed to late buying activities.
- The benchmark closed at almost the 1,390 level from selected buying on Telco and Utilities counters.
- Nonetheless, we reckon sentiment to stay subdued as recent uptrend had been less than convincing.
- Therefore, we expect the index to maintain its consolidation mode and to hover within the 1,380-1,390 range today.
- We suspect buying should return to Plantation stocks following its recent uptrend to above RM3,700/tonne due to corruption investigations in Indonesia.
- Wall Street will be closed for Juneteenth National Independence Day today.
