Daily Market Report (17 September 2024)
- Wall Street closed mixed ahead of the much touted rate cut tomorrow.
- While the DJIA added 228 points, the Nasdaq was down 92 points mainly due to Apple’s decline amid concerns over the sales of its iPhone 16.
- Meanwhile, the US 10-year yield eased to 3.618%.
- Over in Hong Kong, the HSI reversed earlier losses as sentiment improves on hopes that more stimulus may be in the offing from China following a spate of lacklustre economic data in addition to the imminent rate cut by the Federal Reserve this week.
- Back home, the local bourse was closed yesterday for Malaysia Day.
- Last Friday the FBM KLCI closed positively depicting persistent accumulation by foreign funds.
- However, daily volume traded remains low at below the 3bn shares threshold.
- Nonetheless, in view of the Federal Reserve’s cutting rate this week, we should see more foreign funds channeling their flows into the region thus we expect the index to hover within the 1,650-1,660 range today.
