Daily Market Report (15 August 2024)
- Wall Street closed broadly higher boosted by a tame consumer price index (CPI) figure that came in within expectations hence pointing towards an imminent rate cut by the Federal Reserve next month.
- As a result, the DJIA rose 243 points while the Nasdaq ended 5 points higher with the US 10-year yield edging lower at 3.839%.
- In Hong Kong, the HSI weakened following the release of China’s weak new loans attributed to low credit demand.
- This is despite optimism of a US rate cut in September.
- Back home, the FBM KLCI maintained its uptrend albeit at a lacklustre pace as illustrated by the low daily volume traded that is stuck at the 3bn shares level.
- For today, we believe buying activities may gain some traction after the modest US CPI data overnight thus expect the index to hover within the 1,610-1,620 range.
- Meanwhile, we anticipate the MYR to strengthen against the greenback going forward and dip below the RM4.40 mark anytime soon.
