Daily Market Report (21 August 2024)
- Wall Street ended in negative territory amid some profit taking activities as traders await for the Jackson Hole Economic Symposium over the next few days to gauge on the quantum of cut in rates next month.
- As such, the DJIA dipped 61 points while the Nasdaq dropped by 60 points as the US 10-year yield eased to 3.81%.
- In Hong Kong, the HSI closed lower after a 3-day uptrend as traders were side-lined after China left benchmark lending rates unchanged.
- Focus was also on the Federal Reserve this weekend on rate adjustments in September.
- Back home, the FBM KLCI closed lower following a solid performance on Monday.
- We believe the local bourse still has legs to trend higher as yesterday’s selling was well absorbed.
- Although the daily volume traded remained low, we believe market velocity is gathering traction thus anticipate shares traded to improve over time.
- For today, we expect the index to trend within the 1,640-1,650 range.
- As we enter into another earnings season, results reported so far have been quite decent and more can be expected from the Banks and Telcos going forward.
