Daily Market Report (16 August 2024)
- Wall Street surged as traders turned optimistic of a soft landing for the US economy following a better than expected retail data in July coupled with a fall in jobless claims for the week.
- As a result, the DJIA added 555 points while the Nasdaq jumped 402 points as the US 10-year yield tuned higher at 3.919%.
- Over in Hong Kong, the HSI closed marginally lower despite a solid opening as sentiment turned cautious attributed to a mixed bag of economic data from China.
- Back home, the FBM KLCI ended flat despite continuous buying support from foreign funds as overall sentiment of the local bourse remained rather uninspiring, possibly due to the lack of fresh catalysts.
- We believe the trading pattern to remain the same for today and expect the index to trend within the 1,610-1,620 range.
- Meanwhile, crude oil prices closed higher on the back of better economic climate in the US as the Brent crude closed at USD81/barrel.
