Daily Market Report - 8 July 2026
- Wall Street tumbled as traders decided to offload their position fearing that market expectations may have outpaced that of fundamentals.
- As a result, the sell-off in AI-related stocks gathered pace.
- Meanwhile, fresh attacks in the Strait of Hormuz have pushed oil price higher with the Brent crude now at USD74/barrel while the US 10-year yield edged higher at 4.551%.
- Over in Hong Kong, the HSI retreated to below the 23,500 level as the selling on AI stocks re-emerged following a disappointing set of results from Samsung Electronics.
- As for the local bourse, the FBM KLCI pared earlier losses to end up flat amid some late bargain hunting activities.
- Daily trading volume remained low as market participants stayed cautious.
- As such, we expect the index to hover within the 1,680-1,690 range today as trading is seen muted.
