Daily Market Report (12 Nov 2024)
- Wall Street closed firmer with the DJIA surging to another record high as the post-election euphoria continues.
- Meanwhile, the US 10-year yield eased to 4.306%.
- Over in Hong Kong, the HSI slumped 300 points as traders were disappointed on the stimulus package totalling USD835bn announced last Friday.
- Hence, the sell-down on Property and Tech related stocks on the back of more tariffs on China’s exports going forward.
- Back home, the FBM KLCI declined to below the 1,610 level amid selling across the board.
- We believe foreign funds were the main culprits as countries within the ASEAN region were not spared either.
- Looking ahead, we expect a swift rebound to happen thus anticipate the index to trend within the 1,610-1,620 range today.
- Interestingly, crude palm oil price continues to chart YTD high as the futures is currently hovering at RM5,200/tonne.
