Daily Market Report (26 July 2024)
- Wall Street's close was mixed as traders tried to recover from Wednesday's sharp sell-off, even though US GDP beat expectations.
- The Nasdaq dropped 0.9%, the S&P 500 fell 0.5%, while the Dow industrials rose 0.2%.
- Investors were still affected by the disappointing earnings from US tech giants.
- Over to Hong Kong, Banking stocks dropped even though several lenders cut their deposit rates, following the Chinese central bank's decision to lower a key policy rate and the mortgage reference rate earlier this week.
- Tech companies also declined after Nasdaq posted sharp falls.
- As a result, The HSI fell 1.8% to 17,004.97 at the close.
- As for the local bourse, the FBM KLCI continued to trend lower amid the weak global sentiment.
- Nonetheless, the benchmark index remained well supported above the 1,610 level, hence we reckon accumulation of stocks to persist on dips.
- Hence, we anticipate the benchmark index will range between 1,610 and 1,620 today.
