Daily Market Report (21 June 2023)
- Wall Street took a breather following a strong run-up since May as traders are now looking for new catalysts for equities to trend higher.
- The DJI Average declined by 245 points while the Nasdaq lost 22 points as the US 10-year yield dipped to 3.719%.
- In Hong Kong, the HSI slumped by 306 points as traders were largely unimpressed by the 10bps cut in prime rates to revive China’s ailing housing market.
- Locally, the FBM KLCI continued with its consolidation despite closing in positive territory due to last minute buying again.
- News of dissolutions amongst the 6 state assembles will heighten expectations that the State election may be soon rather than later, will see sentiment to remain cautious for now.
- Therefore, we reckon the index to again hover within the 1,385-1,395 range with Tech related stocks to experience some profit taking activities today after a strong run-up since end-May.
