Daily Market Report (1 Nov 2024)
- Wall Street retreated as earnings from mega tech companies disappointed.
- Meanwhile, the latest personal consumption expenditures price index came in within expectations, but impact was muted with the US 10-year yield inching higher at 4.282%.
- In Hong Kong, the HSI closed marginally lower as traders are expecting more stimulus measures despite China’s economy showing signs of improving as China’s October purchasing manager index (PMI) came in higher than expected.
- On the home front, the FBM KLCI declined sharply to almost the 1,600 level as selling from foreign funds persists.
- We are curious by the sell-down from foreign funds recently but expect bargain hunters to emerge if the index dips below 1,600 thus envisage the index to hover within the 1,600-1,610 range today.
- Meanwhile, the CPO price charted another YTD high surpassing the RM4,700/tonne but remains under the radar underscoring its role as the underdog.
