Daily Market Report (22 August 2024)
- Wall Street eked out gains as traders are convinced of a rate cut next month after the release of the minutes from the Federal Reserve’s meeting last month.
- As such, the DJIA added 55 points while the Nasdaq gained 102 points with the US 10-year yield easing to 3.799%.
- Over in Hong Kong, the HSI declined but off intra-day low, partly attributed to Walmart’s sale of its stake in JD.com according to Bloomberg, 11% below market price.
- It was also reported that foreign funds are dumping Chinese tech stocks amid weak corporate earnings and China’s economic outlook.
- On the domestic front, the FBM KLCI maintained its downtrend as profit taking activities continued following the sharp gains on Monday.
- Nonetheless, the index managed to close above the crucial 1,630 level and if broken, we may see another potential consolidation phase.
- Therefore, it is pivotal that buying activities return to avoid such an incident occurring thus we expect the index to hover within the 1,630-1,640 range today.
