Daily Market Report - 11 Dec 2024
- Wall Street declined as traders are looking at November’s CPI data later today, that may influence the Fed’s decision on interest rates next week.
- Meanwhile, the US 10-year yield inched higher at 4.228%.
- In Hong Kong, the HSI ended lower after it opened on a high above the 21,000 level.
- However, the uptrend was short-lived as traders decided to lock-in profits following the recent mini rally and looking for more concrete evidence during the key economic policy meeting later this month.
- Back home, the FBM KLCI closed slightly lower after a superb opening as selling emerged, limiting the ongoing uptrend.
- Nonetheless, we remain adamant that buyers would still prevail hence expect the benchmark index to chart further upside.
- In view of the recent conclusion of earnings season, we noticed slight upgrades of estimates at 17% for 2024 and around 10% for 2025, showing that corporate Malaysia is still in good health hence expect the index to hover within the 1,605-1,615 range today.
