Daily Market Report - 17 Dec 2024
- Wall Street ended mixed again as sentiment remains cautious ahead of the FOMC 2-day meeting starting today.
- While the DJIA closed negatively, the Nasdaq added 247 points to another record high.
- Meanwhile, the US 10-year yield stayed elevated at 4.403% illustrating that the market may have priced in the highly anticipated rate cut by the Fed.
- Over in Hong Kong, the HSI declined to almost a 2-week low as investors remained wary of China’s patchy economic performance following the latest House Price index and retail sales data which both fared badly thus highlighting deflationary pressures again.
- Back home, the FBM KLCI dipped slightly amid a sea of red regionally as selling from foreign funds persisted.
- Nonetheless, we noticed there were some buying activities within the local bourse, indicating that 1,600 remains as the immediate support at the moment.
- Hence, we expect the index to trend between the 1,605-1,615 range today.
