Daily Market Report ( 2 October 2024)
- US stocks closed lower amid the growing tensions in the Middle East.
- As a result, the DJIA lost 173 points while the Nasdaq declined by 278 points as the US 10-year yield eased slightly to 3.732%.
- Hong Kong market will resume trading today after closing for National Day yesterday.
- Back home, the FBMKLCI finally rebounded amidst some bargain hunting activities.
- Though the index managed to stay above the 1,650, overall sentiment was cautious.
- In view of the ongoing consolidation phase, daily volume traded was extremely low at around the 2.5bn mark which indicates that the retail participation remains muted.
- For today, we believe trading pattern to be similar in view of the latest events in the Middle East thus expect the index to hover within the 1,650-1,660 range today.
- Meanwhile, gold is looking set to test another all time high soon from current level at around USD2,660/oz
