Daily Market Report (10 September 2024)
- Wall Street closed higher amid some bargain hunting activities following recent weaknesses as traders are looking towards the Fed rate cut in a week’s time.
- As such, the DJIA gained 484 points while the Nasdaq jumped by 194 points with the US 10-year yield easing to 3.702%.
- In Hong Kong, the HSI resumed trading postsuper typhoon Yagi but ended to a 3-week low following the dismal inflation data from China while foreign funds continue to snub Chinese stocks.
- Though the index managed to close off the day’s low, it is hovering precariously near the 17,000 mark.
- Back home, the FBM KLCI declined slightly to almost the 1,650 level despite some buying activities for most of yesterday’s session as we noticed selling on YTL related companies continues.
- Daily volume traded improved predominantly due to 99Speedmart debut, otherwise market sentiment was still in cautious mode despite net foreign fund inflows are still apparent.
- For today, we expect the index to hover within the 1,650-1,660 range.
