Daily Market Report (18 September 2024)
- Wall Street closed flat as traders were mostly sidelined ahead of the Fed’s rate cut.
- The market is now looking at the quantum of the adjustment.
- As such, the DJIA lost 16 points while the Nasdaq added 36 points while the US 10-year yield edged higher to 3.647%.
- In Hong Kong, the HSI surged to a 2-week high ahead of the highly anticipated rate cut by the Federal Reserve tomorrow.
- Meanwhile, market sentiment was also buoyed by the sterling debut from appliance maker Midea group.
- Back home, the FBM KLCI maintained its impressive performance to ease pass the 1,660 level supported by continuous buying from foreign funds.
- Nonetheless, we noticed daily volume traded remained thin despite the surge in interests of glove related stocks emanated from the prospective imposition of high tariffs on Chinese glovemakers by the US.
- With the Fed rate cut looming, we expect the local bourse to sustain its uptrend thus expect the index to hover within the 1,670-1,680 range today.
- Meanwhile, the Ringgit has strengthened to around a 18-month high at 4.26.
