Daily Market Report (17 October 2024)
- Wall Street rebounded with the DJIA closing to another record high.
- Sentiment was buoyed by a spate of solid earnings reported thus far coupled with it being a Presidential election period despite traders are aware of the stretched valuations.
- Meanwhile, the US 10-year yield trended lower at 4.018%.
- Over in Hong Kong, the HSI declined marginally as traders are waiting for more details from China regarding the stimulus announced recently.
- Meanwhile, property stocks surged as investors are expecting more measures to shore up confidence within the troubled property sector from the Housing Ministry later today.
- Back home, it was another dismal performance by the local bourse as the FBM KLCI ended just above the crucial 1,630 level.
- Overall trading was lacklustre as the daily volume remained thin at below the 3bn shares mark.
- We believe trading should remain muted ahead of the tabling of Budget 2025 tomorrow hence anticipate the index to hover within the 1,630- 1,640 range today.
