Daily Market Report (26 Nov 2024)
- Wall Street closed on a high note, with the Dow and S&P 500 reaching record levels as investors welcomed President-elect Donald Trump's decision to nominate hedge fund manager Scott Bessent as the new Treasury Secretary.
- The Dow jumped more than 440 points to 44,737, while the S&P 500 and Nasdaq gained about 0.3% each.
- In Hong Kong, stocks ended lower as investors remained cautious ahead of the release of China’s National Bureau of Statistics PMI data.
- As a result HSI fell 0.4%.
- On the local front, the FBM KLCI finished higher due to bargain hunting activities; however, it failed to stay above the 1,600 mark due to late selling.
- Despite a few attempts to break out from the consolidation stage, the lack of strong buying catalysts hindered its progress.
- As the index staying around oversold levels, investors are encouraged to accumulate blue-chip stocks that have underperformed over the past two weeks, as they offer attractive valuations.
- Currently, the FBM KLCI is expected to remain in consolidation, awaiting a breakout above the 1,600 level.
- We anticipate the index to trend within the 1,590-1,605 range today.
