Daily Market Report - 24 Dec 2024
- Wall Street closed higher despite a weak opening as traders are confident of a Santa Rally amidst a shortened trading week.
- Notwithstanding this, the US 10-year yield edged higher at 4.589%, and closing in towards the year high of around the 4.7% level.
- Over in Hong Kong, the HSI jumped to almost the 19,900 mark as sentiment improves over Trump’s moderating stance on Tik-Tok which can be depicted as a major step in easing the tension between the US and China.
- Back home, the FBM KLCI tried but failed to close above the 1,600 level due to hints of foreign selling within the local bourse.
- Nonetheless, we are heartened that the selling is more subdued as illustrated by the low daily volume of only 2.4bn shares.
- For today, we expect a muted trading day hence expect the index to hover between the 1,595-1,605 range.
