Daily Market Report (29 Nov 2024)
- Wall Street was closed for Thanksgiving Day yesterday.
- Looking at the futures, all 3 major indices are currently trending positively, indicating that the US market should continue with its upward trajectory.
- Meanwhile, the US 10- year yield had eased to 4.261%.
- Over in Hong Kong, the HSI retreated by 236 points as traders decided to lock in profits after the recent uptrend.
- Sentiment remains cautious on expectations for additional incentives from China and whether the Federal Reserve may reduce rates during the FOMC meeting in mid-December.
- Back home, the FBM KLCI ended below the 1,600 level again as hints of window dressing activities evaporated amid the selling by foreign funds during the afternoon session.
- In view of the weak market undertone, we expect bargain hunting to be muted hence expect the index to hover within the 1,600- 1,610 range today.
