Daily Market Report ( 3 October 2024)
- Wall Street closed on a positive note despite the heightening tensions in the middle east.
- As such, the DJIA gained 39 points while the Nasdaq added 15 points while the US 10-year yield edged higher at 3.783%.
- Meanwhile, Hong Kong stocks maintained their bullish trajectory as the HSI breached the 22,000 mark, a level last seen in early-2023.
- Sentiment remains buoyant from China’s easing measures as traders jumped into the buying bandwagon.
- On the home front, the FBM KLCI closed below the 1,640 mark as selling from foreign funds gathered momentum.
- Regionally, sentiment has turned extremely cautious amid the escalating tensions in the middle east.
- Judging by the recent unloading of riskier assets, we believe investors may have switched to “Cash is King” mode.
- Nonetheless, we expect some bargain hunting activities to emerge and anticipate the index to hover within the 1,635-1,645 range today
