Daily Market Report (15 October 2024)
- Wall Street closed broadly higher as both the DJIA and S&P500 charted record highs ahead of the latest batch of corporate results ignoring the higher US 10-year yield which touched 4.096%.
- In Hong Kong, the HSI declined but off day’s low to remain above the 21,000 as traders were disappointed over China’s latest fiscal policy to strengthen the local property market and more measures to fund the economy attributed to lack of details.
- Back home, the FBM KLCI managed to close positively amid another lacklustre session as sentiment stayed cautious.
- Daily volume traded was disappointing at just above the 2bn shares level as retail investors were mostly sidelined.
- Taking cue from the robust US stocks’ performance overnight, we expect the benchmark index to hover within the 1,635-1,645 range today.
