Daily Market Report (19 September 2024)
- Wall Street ended lower amid a volatile session after the Federal Reserve cut interest rate by 50bps.
- Sentiment was mixed on the massive rate cut as this may signal a slowing economy and employment market.
- As a result, the DJIA lost 103 points while the Nasdaq declined by 55 points as the 10-year yield inched higher at 3.713%.
- Hong Kong market was closed for mid-Autumm Festival.
- Back home, we were surprised by the weak performance of the FBM KLCI as sentiment remained cautious ahead of the Fed rate announcement.
- Nonetheless, we believe buyers to return following the Fed’s big rate cut which is positive for regional currencies.
- Therefore, we expect the index to hover within the 1,660-1,670 range today.
- Meanwhile, the Ringgit has strengthened to 4.24 vs the greenback.
