Daily Market Report (18 July 2024)
- Wall Street ended on a mixed note as tech stocks were rattled by the latest US move to curb chip exports to China coupled with Trump’s demand for protection money from Taiwan.
- As such, while the DJIA added 244 points as portfolio rotation continues, the Nasdaq lost a massive 512 points with the US 10-year yield flat at 4.159%.
- Over in Hong Kong, the HSI just managed to stay afloat as traders await for some policy stimulus from China’s third plenum amid the growing pessimism on China’s economic outlook.
- Back home, the FBM KLCI finally managed to close above the 1,630 level or a YTD high of 1,633.
- Though we expect the upside momentum to continue today, buying may somehow be muted due to the growing trade tension between US and China.
- Nonetheless, we expect the index to possibly hover within the 1,630-1,640 range today.
- Meanwhile, crude oil prices rose with the Brent surpassing USD85/barrel on the back of lower inventory attributed to higher draw of stocks over the past 2 weeks.
