Daily Market Report (13 November 2024)
- Wall Street closed lower as the market took a breather as it is encountering some indigestion following a record breaking run.
- Meanwhile, we noticed that the US 10-year yield edged higher at 4.429%.
- In Hong Kong, the HSI slumped to below the 20,000 mark as traders are largely unconvinced of the latest round of Chinese stimulus measures.
- The sell-down was broad based with EV producers bearing the brunt of the declines.
- On the home front, the FBMKLCI ended the day marginally lower as selling from foreign funds remained.
- Though we expected a swift rebound from the index, it did not happen as investors were mostly sidelined.
- Nonetheless, we are hopeful that the recent surge in CPO price will attract some buying interest in plantation stocks.
- For today, we anticipate the index to hover within 1,610-1,620 range.
