Daily Market Report (27 Nov 2024)
- Wall Street closed firmer with both the DJIA and S&P 500 touching record highs as traders are looking beyond Trump’s tariff threats.
- Many believe that this is more as a negotiation tactic than for implementation.
- Meanwhile, the US 10-year yield edged higher at 4.295%.
- Over in Hong Kong, the HSI ended off its day’s high albeit on a positive note as traders began to assess the effects of Trump’s threat of more tariffs on Chinese imports.
- Back home, the FBM KLCI managed to close above the 1,600 level as we noticed a hint of “window dressing” activities.
- Nonetheless, market velocity remains muted as illustrated by the lacklustre daily volume of only 2.5bn units.
- At this juncture, we believe the index may find it difficult to breach the 1,700 mark due to the absence of strong catalysts.
- As for corporate earnings, it has been a mixed bag without any excitement thus far.
- Therefore, we expect the index to hover within the 1,600-1,610 range today.
