Daily Market Report (16 October 2024)
- Wall Street closed lower as US stocks took a breather following the recent rally as traders are analyzing recent earnings reports.
- As such, the DJIA lost 325 points while the Nasdaq declined by 187 points as the US 10-year yield eased slightly to 4.034%.
- Meanwhile, the Hong Kong market closed sharply lower as the HSI ended near the 20,000 threshold following China’s weak economic data underscoring the need for more stimulus to prop up the Chinese domestic demand.
- Back home, the FBM KLCI managed to close higher after a choppy session attributed to late buying activities.
- Market undertone remained cautious as defined by the low volume traded at below the 3bn shares level.
- In the absence of any positive catalysts, we expect the index to hover within the 1,635-1,645 range today.
- Meanwhile, crude oil prices continued to weaken on concerns over demand as the Brent crude is currently trending at USD74/barrel.
