Daily Market Report (15 November 2024)
- Wall Street ended lower as the post-election rally sputters.
- In addition to this, statement from the Fed that future rate cut may require more patience further illustrating that December’s cut may not happen.
- Meanwhile, the US 10- year yield eased slightly to 4.447% though is still lofty.
- As for Hong Kong, the HSI dipped by almost 390 points as the index hovers closer to the 19,000 threshold.
- The sell-down continues as traders are concerned over the prospective tariff hikes from the US with both the tech and property sectors weakened.
- Back home, the FBMKLCI was not spared either as the index hovers right at the 1,600 mark.
- The selling of local stocks happened amid regional weakness indicating that foreign funds may be opting out of Asia for now.
- We believe a swift rebound for the index to occur as levels below 1,600 should entice bargain hunters hence expect it to hover within the 1,600-1,610 range today.
