Daily Market Report (11 September 2024)
- Wall Street closed mixed as sentiment remained cautious ahead of the consumer price index (CPI) and producer price index (PPI) to be released later today and tomorrow respectively.
- As such, while the DJIA declined 93 points, the Nasdaq gained 141 points with the US 10- year yield easing to 3.64%.
- Over in Hong Kong, the HSI reversed earlier losses spurred by the surprising August stronger than expected exports data from China.
- There was also a tech-related rally led by Alibaba after both the Shanghai and Shenzhen exchanges admitted it to the stock connect scheme.
- Back home, the FBM KLCI finally rebounded as it broke away decisively from the 1,650 mark.
- Nonetheless, daily volume traded remains low as the retail segment stay sidelined.
- For today, we expect the index to hover within the 1,660-1,670 range.
- Meanwhile, crude oil prices continue to slide with the Brent crude ending below USD70/barrel amid a weakening global demand as forecast by OPEC.
