Daily Market Report (12 August 2024)
- Wall Street closed positively last Friday recouping bulk of the losses for the week as an encouraging set of job data alleviated recessionary worries and managed to soothe traders’ temperament.
- As a result, the DJIA added 51 points while the Nasdaq climbed 85 points higher as the US 10-year yield eased marginally to 3.94%.
- Over in Hong Kong, the HSI continued with its rebound to end above the 17,000 level on the back of better inflation data from China coupled with the calmer Wall Street performance.
- Back home, the FBM KLCI managed to close positively but remained below the psychological 1,600 mark attributed to some late profit taking activities.
- Nonetheless, we deemed the lower daily volume traded as positive signalling that the selling may be at its tail-end.
- We believe recent positive newsflow particularly from Infineon and its RM30bn additional investments in Kulim will add to the optimism surrounding the nation’s Tech sector of late.
- For today, we expect the index to hover within the 1,595-1,610 range.
