Daily Market Report (18 Oct 2024)
- Wall Street closed higher with the DJIA recording another historical high buoyed by robust retail sales for September erasing concerns of a recession.
- Nonetheless, the Nasdaq ended flat as the US 10-year yield inched higher at 4.095%.
- In Hong Kong, the HSI closed weaker to just above the 20,000 mark despite a solid opening, as traders were left disappointed following China’s Housing Ministry press conference which many deemed as lacking punch despite committing USD560bn in bank loans to designated property projects until end-2024.
- On the home front, the FBM KLCI rebounded to above the 1,640 level underpinned by selective buying on blue chips by foreign funds.
- Overall, sentiment remained cautious as reflected by the low volume traded.
- For today, we expect trading activities on the local bourse to stay muted ahead of Budget 2025 thus expect the index to hover within the 1,635-1,645 range.
