Daily Market Report (11 Nov 2024)
- Wall Street closed the week on a strong note, with the Dow hitting a record high of 44,000 on Friday as stocks stayed firmly bullish.
- The S&P 500 and Nasdaq also rose 0.4% and 1%, respectively, with all major indexes reaching record closing highs and posting weekly gains of around 5%.
- The S&P 500 and Dow had their best weeks since last November.
- Trump is committed to cutting red tape in industries such as housing and energy.
- He also plans to extend the Tax Cuts and Jobs Act of 2017, expiring in 2025, push for a corporate tax rate reduction from 21% to 15%, and introduce an "efficiency committee" to curb government waste.
- In Hong Kong, the HSI closed lower due to profit-taking, with investors remaining cautious ahead of anticipated economic measures from Beijing.
- The top legislative body in China wrapped up its meeting last Friday.
- Last month, Beijing introduced several fiscal and monetary measures to support the economy, though unclear details on their scale and timeline have left markets uncertain.
- As a result, the HSI fell above 1%.
- The FBM KLCI closed slightly down amid mixed regional markets, though the outlook for local equities remains positive, with Malaysia’s economy supported by strong consumer demand, sector recovery, and government resilience measures.
- Structural reforms are expected to lift corporate earnings. Plantation stocks may see continued short-term interest as CPO futures surpassed RM5,000/tonne.
- We expect the benchmark index to trend within 1,620-1,630 today.
