Daily Market Report (27 August 2024)
Daily Market Report (27 August 2024)

Daily Market Report (27 August 2024)

Tue, Aug 27, 2024 9:07 AM
  • Wall Street ended on a mixed note as traders may be rotating out of tech stocks ahead of the imminent rate cut next month.
  • Thus, despite the DJIA adding 65 points, the Nasdaq declined by 152 points with the US 10-year yield inched higher at 3.82%.
  • Over in Hong Kong, the HSI climbed 187 points on optimism that the US will end its high interest rate regime soon that should benefit property related stocks as illustrated by the jump in the Hang Seng Mainland Properties Index (HSMPI) by 1.9%.
  • Back Home, trading on the local bourse remains lacklustre despite the FBM KLCI closing on a positive note at almost the 1,640 marks.
  • Buying on blue chips continued from the inflows of foreign funds possibly taking advantage of the appreciating Ringgit which strengthened to almost a 2-year high at RM4.35/USD1.
  • As such, we expect the index to hover within the 1,635-1.645 range today.
  • Meanwhile, escalating violence in the middle-east saw crude oil prices higher as the Brent crude jumped above the USD81/barrel.
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