Daily Market Report ( 3 September 2024)
- Wall Street was closed for Labour Day yesterday, but traders are expecting a volatile session ahead when the market reopens as illustrated by the stagnant stock futures.
- Meanwhile in Hong Kong, the HSI gave up its weekly gains as selling took centre stage following the release of a dismal manufacturing activities in China coupled with disappointing results from property developers and the banks.
- Back home, the FBM KLCI closed flat as market is trying to digest Friday’s strong performance.
- Nonetheless, market’s undertone may have turned cautious as reflected by the decline in daily volume traded as traders were mostly side-lined.
- Therefore, we expect the index to possibly hover within the 1,680-1,690 range today.
- Meanwhile, we believe stocks accumulation by foreign funds to persist especially after a rather decent 3Q24 corporate earnings season that may instigate some upgrades in earnings growth for CY2024.
