Daily Market Report (1 August 2024)
- Wall Street closed on a positive note as sentiment was buoyed by dovish comments from the Federal Reserve on rate cuts as funds returned to the recently trashed mega tech companies.
- As a result, the DJIA rose by almost 100 points while the Nasdaq surged by 452 points with the US 10-year yield easing to 4.032%.
- As for Hong Kong, the HSI rebounded on hopes for more stimulus following a weak China’s manufacturing activity in July.
- There are also hopes that there will be additional easing policies to enhance domestic demand in China as well.
- Back home, the FBM KLCI uptrend gathered pace as buyers emerged in force during the afternoon session.
- For today, we believe buying activities should continue, taking cue from the robust performance on Wall Street overnight thus expecting the index to hover within the 1,625-1,640 range.
- Meanwhile, the heightening tension in the middle east has pushed crude oil prices higher with the Brent crude closing nearer to USD81/barrel.
