Daily Market Report (13 August 2024)
- Wall Street closed on a mixed note as sentiment stayed cautious with traders mostly side-lined waiting for a deluge of economic data over the next few days especially the CPI figure on Wednesday.
- As a result, the DJIA lost 140 points while the Nasdaq added 35 points as the US 10-year yield eased to 3.907%.
- In Hong Kong, the HSI managed to stay above water after a choppy session.
- Despite traders are optimistic that the PBOC may reduce the reserve requirement ratio (RRR), the uptrend was affected by restrictions within the gaming sector.
- Back home, buying activities returned as the FBM KLCI closed above the 1,600 level predominantly supported by the local institutions.
- We believe this will eventually instill some confidence on the smaller caps thus expect the daily volume to improve going forward.
- Hence, we reckon the index to hover within the 1,600-1,615 range today as market undertone remains on a cautious mode.
- Meanwhile, escalating tension in the middle east and more positive US economic data saw crude oil prices firming as the Brent crude topped almost the USD81/barrel.
