Daily Market Report (27 September 2024)
- Wall Street ended positively underpinned by good economic data especially the declining jobless claims.
- As such, the DJIA gained 260 points while the Nasdaq added 108 points with the US 10-year yield inching higher at 3.796%.
- Over in Hong Kong, the HSI continued with its uptrend to end at a 14-month high at almost the 20,000 mark.
- Overall sentiment was further buoyed by Xi Jinping’s vow to reignite the private economy via more easing policies and stimulus in addition to the recent ones.
- On the domestic front, the FBM KLCI closed marginally lower as profit taking activities by foreign funds emerged during the afternoon session again.
- Daily volume traded remains low at the 3bn threshold.
- This illustrates ongoing consolidation within the local bourse may take longer than anticipated.
- Therefore, we expect the index to hover within the 1,665-1,675 range today.
