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Daily Market Report - 12 Dec 2024
- Wall Street closed mixed as sentiment remained jittery amid the high expectations and market valuations.
- While the DJIA ended lower, the Nasdaq notched another record high as many expect the Fed to reduce interest rate underpinned by November’s CPI figure that came in within expectations.
- Meanwhile, the US 10-year yield inched higher at 4.275%.
- Over in Hong Kong, the HSI eased further as traders are waiting for more details from China’s economic conference which kicked-off yesterday.
- As a result, the HSI slid from the intra-day high of almost 21,000 on Tuesday to currently at the 20,100 threshold.
- On the home front, the FBM KLCI continued with its decline, back to around 1,600 amid persistent selling by foreign funds.
- We were indeed perplexed by the unrelenting foreign unloading that started in October rendering the local bourse short of liquidity.
- Nonetheless, we believe 1,600 to remain as a solid psychological support for now thus expect the index to hover within the 1,600-1,610 today