Daily Market Report - 10 Dec 2024
- Wall Street closed lower as traders await for November’s inflation data due this Wednesday.
- Meanwhile, China’s latest investigation on Nvidia for antimonopoly violation further exacerbated the market’s decline.
- Meanwhile, the US 10-year yield edged higher to 4.201%.
- Over in Hong Kong, the HSI surged past the 20,000 mark after China’s top policymaker alluded to more easing measures to boost domestic demand just days before the key economic policy meeting.
- On the domestic front, though the FBM KLCI ended slightly lower amid early selling pressure, we remain hopeful that buying support to emerge and that the benchmark index still has the legs to climb higher.
- Already, RM2.5bn of net foreign outflows were recorded last week hence foreign selling may be at its tail-end.
- As such, we expect the index to hover between the 1,610-1,620 range today with 1,600 as a rather solid psychological support level for now.
