Daily Market Report (21 Oct 2024)
- Wall Street continued with its uptrend as both the DJIA and S&P500 recorded new highs spurred by above expectations earnings.
- Meanwhile the US 10-year yield closed marginally lower at 4.083%.
- Over in Hong Kong, the HSI surged as expectations are high for more stimulus measures bolstered by China’s below par 3Q GDP growth reported last Friday.
- As a result, the HSI rebounded back to the 21,000 threshold.
- Back home, the FBM KLCI maintained its uptrend ahead of Budget 2025. Looking forward, we are Neutral on Budget 2025.
- Nonetheless, we expect the market may be a tad disappointed by the absence of infra projects implementation.
- Nonetheless, the more optimistic GDP growth forecast of between 4.5%-5.5% for 2025 may inject some optimism thus we expect the index to hover within the 1,645-1,655 range today.
