Daily Market Report （14 August 2024)
- Wall Street surged as sentiment was buoyed by a decent PPI (producer price index) data which could imply of a tame CPI figure that is to be released later today and that a lower CPI will certainly indicate rate cuts by the Federal Reserve in September.
- As such, the DJIA rose by 409 points while the Nasdaq gained 407 points as the US 10-year yield declined to 3.847%.
- Over in Hong Kong, the HSI managed to stay above water on hopes for a US rate cut and more easing policies from PBOC after China’s new loans hit a 15-year low in July.
- On the home front, the FBM KLCI closed on a positive note as buying activities were rather strong.
- Nonetheless, daily volume traded dropped to around the 3bn shares level depicting that retail participation remained side-lined.
- For today, we expect trading activities to improve taking cue from the uptrend on Wall Street thus anticipate the index to hover within the 1,610-1,620 range today.
