Daily Market Report - 9 June 2025
- Wall Street closed broadly firmer on the back of higher than expected nonfarm payrolls hence easing concerns of an imminent economic slowdown in the US.
- On the flipside, Tesla shares continue to slide amid the sparring match between Musk and Trump.
- Meanwhile, the US 10- year yield edged higher to 4.506%.
- As for Hong Kong, the HSI declined to below the 23,800 level amid some profit takings as Xi-Trump phone call failed to address any overriding concerns as more fresh catalysts are required to prop up the market.
- Back home, the FBM KLCI failed to sustain its impressive performance on Thursday as the index stuttered to end just above the 1,515 level.
- Trading activities remained muted as seen from the pathetic daily volume which dwindled to below the 2.0bn shares mark.
- This could be attributed to the widespread downgrades of the benchmark index target for 2025 by the research fraternity recently.
- As such, we expect the index to hover within the 1,510-1,520 today.
