Daily Market Report (28 Nov 2024)
- Wall Street ended lower as traders were mostly sidelined ahead of Thanksgiving Day today.
- Meanwhile, the latest personal consumption expenditure index in October came in within expectations but sentiment remains cautious in view of Trump’s imminent tariffs.
- In Hong Kong, the HSI closed broadly firmer as traders are bracing for more stimulus from China following the weak industrial earnings in October from large Chinese companies.
- As a result, the index jumped by more than 400 points to almost the 20,000 mark.
- On the home front, the FBM KLCI maintained its climb to end marginally higher after a promising opening as late profit taking activities again curtailed any meaningful gains from the blue chips.
- Amidst the ongoing consolidation, we expect the index to hover within the 1,600-1,610 range today.
