Daily Market Report (20 September 2024)
- Wall Street closed at record highs as traders are convinced that the US economy is set for a soft landing in view of the latest jobless claims data which came in lower than expected.
- As a result, the DJIA jumped by 522 points while the Nasdaq surged by 441 points as the US 10-year yield inched marginally higher at 3.719%.
- Trading on the Hong Kong market resumed with a big bang as the HSI surged past the 18,000 mark for the first time in 2 months, spurred by the massive 50bps cut in Fed rate.
- Property developers led the rally as lower interest rates may stimulate interests in properties purchases.
- Back home, the FBM KLCI closed higher due mainly to late buying activities after a slow start.
- The strong momentum can also be attributed to the broad rally across the ASEAN region.
- For today, we expect the index to hover within the 1,665-1,680 range.
- Meanwhile, the Ringgit continues to strengthen against the USD currently trending at 4.21 or around a 30-month high.
