Daily Market Report (23 August 2024)
Daily Market Report (23 August 2024)

Daily Market Report (23 August 2024)

Fri, Aug 23, 2024 7:57 AM
  • Wall Street retreated as traders were mostly sidelined ahead of the Federal Reserve’s meeting at Jackson Hole starting later today.
  • Meanwhile, sentiment was also affected by the adjustments of jobs creation in April lower by 818k indicating that the US job market may not be as robust.
  • As such, the DJIA lost 178 points while the Nasdaq declined by 300 points with the US 10-year yield edging higher at 3.858%.
  • In Hong Kong, the HSI rebounded to above the 17,600 level led by stellar earnings from Xiaomi, AIA and JD.com.
  • Sentiment was also bolstered by the clear cut rate adjustments in the US next month.
  • Back home, the FBM KLCI closed on a strong note as buying from foreign funds continues.
  • The local bourse has had a decent run this week despite some intermittent profit taking activities.
  • Nonetheless, average volume traded remains low as retail participation is absent as many are opting for the numerous IPOs of late which have drawn out some liquidity from the secondary market.
  • For today, we expect the index to trend within the 1,640-1,650 range ahead of a crucial weekend in the US.
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