Daily Market Report (20 August 2024)
- Wall Street continues with its uptrend as sentiment remains upbeat on a soft-landing scenario from solid retail sales and lower jobless claims.
- As such, the DJIA gained 237 points while the Nasdaq added 245 points as the US 10-year yield eased marginally to 3.875%.
- Over in Hong Kong, the HSI jumped to almost a 1-month high on the back of a tech rally amid a solid set of earnings with an eye on the Fedal Reserve meeting this weekend.
- Back home, the FBM KLCI surged to a 52-week high before paring the gains to just below the 1,650 level.
- The strong performance was rather surprising spurred by the influx of foreign funds with the 1,630 mark decisively broken.
- As a result, we expect the ongoing uptrend to continue and see the index to hover within the 1,650-1,660 range today.
- Though daily volume remains below expectations we believe participation from the retailers to emerge anytime soon, spearheaded by the improving market liquidity.
- Meanwhile, the Ringgit maintained its ascension against the greenback to RM4.38 which is a 52-week high.
