Daily Market Report (25 Nov 2024)
- Wall Street extended its winning streak to five sessions last Friday, with the Dow achieving a record close.
- Investor sentiment was buoyed by hopes for corporate tax cuts, tariff reductions, deregulation, and a more accommodative monetary policy under President Trump’s renewed administration.
- The S&P 500 gained 0.3% while the DJIA jumped by 1%, finishing above the 44,000 mark while the Nasdaq rose 0.2%.
- In Hong Kong, stocks closed lower due to heavy selling on tech stocks.
- On the local front, the FBM KLCI pared gains in late trading but still ended in positive territory.
- While buying interest remains lacklustre, the index's proximity to the oversold region could present opportunities to accumulate on dip.
- We reckon the benchmark index to remain in consolidation stage and expect it to trend within the range of 1,585-1,610 for today.
