Daily Market Report ( 13 September 2024)
- Wall Street ended higher attributed to bargain hunting activities particularly on megacap tech names ahead of the highly anticipated Fed rate cut next week.
- As such, the DJIA gained 235 points while the Nasdaq added 174 points with the US 10-year yield climbed marginally higher to 3.68%.
- Over in Hong Kong, the HSI rebounded in line with the regional uptrend.
- Alibaba led the tech rally as mainland funds mopped up shares after it was included in the Stock Connect scheme.
- Meanwhile, reports that China may reduce mortgage rates on more than USD5trillion loans may inject interests on the Hong Kong market.
- Back home, it was another disappointing day for the local bourse as the FBM KLCI ended in negative territory following a strong opening.
- We reckon foreign funds may have been net sellers over the past 2 days after consecutive net inflows last week.
- As depicted by the low daily volume, market undertone remains cautious but we believe accumulation on stocks to persists hence expect the index to hover within the 1,635-1,645 range today.
