Daily Market Report (22 Oct 2024)
- Wall Street closed mixed on concerns that the US economy remains resilient and that the Federal Reserve may find it hard to keep inflation down.
- As such, the DJIA lost 344 points with the US 10-year yield jumping to 4.196%.
- Over in Hong Kong, the HSI declined as traders are waiting for more Chinese stimulus following the cut in the one and five year Loan Prime Rate by the PBOC yesterday.
- On the home front, the FBM KLCI closed flat, paring earlier gains amid profit taking activities late in the session.
- The local bourse may be suffering from a post-Budget blues as investors are still digesting the implications and there remain some unanswered questions.
- Meanwhile, sentiment remains cautious, underscored by the low trading volume.
- Thus, we expect the index to trend between the 1,640-1,650 range today.
