Daily Market Report (10 October 2024)
- Wall Street closed on a strong note as both the DJIA and S&P500 notched record highs.
- Sentiment was buoyed by expectations that the Fed favoured cutting rate by another 50bps next month as the DJIA added 432 points while the Nasdaq gained 109 points despite the US 10- year yield edging higher at 4.075%.
- In Hong Kong, the HSI suffered another day of decline as the index slid by almost 290 points to almost the 20,500 level amid the trashing of both the Shanghai and Shenzhen markets following a dismal press conference by China’s economic planner a couple of days ago.
- Back home, the local bourse remained stuck in its correction phase with the FBM KLCI closing flat flowing a choppy session as sentiment remained cautious as depicted by the low daily volume.
- Looking ahead, we believe the trading pattern to improve slightly, taking cue from the more positive US market thus expect the index to hover within the 1,635-1,645 range today.
