Daily Market Report ( 1 October 2024)
Daily Market Report ( 1 October 2024)

Daily Market Report ( 1 October 2024)

Tue, Oct 1, 2024 7:53 AM
  • Wall Street closed positively as prevailing optimism over more rate cuts from the Federal Reserve continues.
  • Nonetheless, market watchers are also waiting for job data this Friday.
  • As such, the DJIA added 17 points while the Nasdaq gained 69 points as the US 10-year yield eased to 3.787%.
  • Over in Hong Kong, the HSI maintained its ascension after a week of buying frenzy following PBOC massive easing measures.
  • Sentiment was further buoyed by the easing of property buying restrictions in Guangzhou, Shanghai and Shenzhen.
  • The recent sharp uptrend in the HSI has also force short-sellers rushing to cover their positions.
  • Back home, sentiment remained subdued as profit taking activities continued within the ASEAN region.
  • As such, the FBMKLCI dipped below the 1,650 mark as the index remains stuck within a consolidation mode.
  • We noticed foreign funds as net sellers but are hopeful that the retail segment has begun to accumulate on stocks of late.
  • For today, we expect the index to over within the 1,645-1655 range in the absence of strong catalysts for now.
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