Daily Market Report (16 July 2024)
- Wall Street closed on another record high following a failed assassination attempt on Trump and that funds are broadening to other stocks to sustain prevailing bull-run.
- Meanwhile, Fed chair Jerome Powell stated that the Federal Reserve may not have to wait for inflation to hit 2% to cut rates.
- As such, the DJIA added 211 points while the Nasdaq gained 74 points as the US 10-year yield edged higher at 4.23%.
- Over in Hong Kong, the HSI slipped almost 280 points to end at just above the 18,000 level after China’s 2Q GDP growth came in lower than expected.
- In addition, Trump now being the favourite to become the US next president has put China requiring more easing policies to boost domestic demand.
- Back home, the FBM KLCI performed strongly despite failure to stay above the 1,630 mark.
- Nonetheless, we noticed buyers are returning as daily volume surpassed the 5bn shares mark thus expect prevailing uptrend to persist.
- For today, we anticipate the index to possibly break the 1,630 level decisively and hover within the 1,630-1,640 range.
