Daily Market Report (21 Nov 2024)
- Wall Street closed on a positive note due to late buying activities after days of decline.
- Buying interests were mostly centered on Nvidia whose earnings came in after the closing bell were better than expectations.
- Meanwhile, the US 10-year yield inched higher at 4.414%.
- Over in Hong Kong, the HSI managed to stay above water following positive comments from fund managers that Chinese equities are currently trading at bargain levels.
- However, buying activities remained rather muted over expectations on Trump’s policy going forward.
- Back home, the FBM KLCI ended below the psychological 1,600 level again as investors remain mostly sidelined.
- Although we expect some window dressing activities to emerge and even if it occurs, the impact may be rather subdued as sentiment has turned cautious over the past month.
- Therefore, we believe the local bourse will be stuck within a tight trading range of between 1,595-1,610 in the absence of any strong buying catalysts.
