Daily Market Report (19 August 2024)
- Wall Street’s comeback continues on the back of a much stronger US retail sales and decline in weekly jobless claims.
- All 3 major indices ended positively with the DJIA adding 97 points while the Nasdaq rose by 37 points.
- With the cut in interest rate looking imminent in September, the US 10-year yield dipped to 3.883%.
- In Hong Kong, the HSI jumped to its weekly high on optimism that the PBOC has pledge of more incentives to bolster confidence.
- Meanwhile, strong earnings from JD.com have also spurred a tech rally within.
- Back home, the FBM KLCI closed on a weekly high supported by persistent buying from foreign funds.
- We believe the strengthening ringgit may also play a crucial role in attracting inflow of foreign funds thus expect the index to trend within the 1,620-1,635 range today.
- It is pivotal that the index breaks the 1,630 mark decisively to resume it uptrend going forward.
- As for crude palm oil, prices have declined to almost the year’s low circa. RM3,700/tonne amidst the stronger ringgit.
