Daily Market Report (27 June 2023)
- Wall Street ended lower as traders were side-lined ahead of some economic data to be out later today amid some profit taking activities as well.
- As such, the DJI Average declined by 13 points while the Nasdaq lost 156 points with the US 10-year yield closed slightly lower at 3.723%.
- Over in Hong Kong, the HSI continued with its downtrend as sentiment remained affected by the lack of stimulus from Beijing after more weak economic data from China.
- The HSI had slumped by almost 1,200 points over the past 5 days.
- Back home, the FBM KLCI was marginally lower following some late selling activities on the financials in line with the weak regional performance.
- We reckon the trading pattern to be similar today in the absence of any positive signs thus anticipate the index to hover within the 1,385-1,395 range.
- We expect more follow through selling on Tech stocks after yesterday’s selling as sentiment on the sector turned cautious following a series of rate hikes in Europe.
