Daily Market Report (23 September 2024)
- Wall Street closed mixed post-rate cut euphoria as traders began to ponder if the market has run ahead of its fundamentals.
- As a result, while the DJIA added 38 points, the Nasdaq was down by 66 points with the US 10- year yield inching slightly higher at 3.741%.
- Over in Hong Kong, the HSI maintained its uptrend to end at almost a 2-month high as sentiment remained buoyant following the Fed jumbo rate cut.
- Back home, the FBM KLCI ended positively but off the day’s high as profit taking activities emerged during the afternoon session.
- Nonetheless, market undertone seems to have improved in view of the higher volume traded that breached the 4bn shares mark.
- We expect buying activities to resume on the back of positive news regarding the Agung’s visit to China coupled with the Special Financial Zone encompassing Forest City with highly attractive tax incentives.
- For today, we expect the index to hover within the 1,665-1,675 range.
- Meanwhile, the Ringgit continues to strengthen against the USD currently hovering at the 4.20 level.
