Daily Market Report (23 August 2024)
- 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.
