Daily Market Report (14 November 2024)
- Wall Street closed on a mixed note as the post-election rally lost steam while October’s CPI came in at 2.6% that is in line with consensus expectations.
- Meanwhile, the US 10- year yield ended higher at 4.451% despite more rate cut next month.
- Over in Hong Kong, the HSI continued to weaken as traders are losing patience and confidence from China’s recent below par stimulus package.
- In addition, traders are also concern of Trump’s backlash when he comes into office in 2025.
- On the home front, the FBM KLCI finally ended above the 1,610 mark attributed to late buying activities.
- Based on current level, the market is hovering at CY2024 PER of 15.0x or 13.8x premised on CY2025 earnings.
- Therefore, we believe the local bourse to be reasonably valued and expect buyers to emerge anytime soon.
- As such, we expect the index to trend within the 1,610-1,620 range today.
