Daily Market Report (30 August 2024)
Daily Market Report (30 August 2024)

Daily Market Report (30 August 2024)

Fri, Aug 30, 2024 7:59 AM
  • It was an interesting day on Wall Street as only the DJIA managed to close on a positive note and fresh record high despite all 3 major indices starting yesterday’s session impressively.
  • Thus, though the DJIA added 244 points, the Nasdaq ended the day 40 points lower with the US 10-year yield edging higher at 3.863%.
  • Over in Hong Kong, the HSI closed positively after a jittery start as sentiment improved after Meituan delivered a better than expected results.
  • However, overall confidence on Hong Kong shares remains fragile on anticipation of more downbeat corporate earnings ahead.
  • Back home, the FBM KLCI finally cracked to almost the 1,650 mark as sellers emerged following a week of persistent stock accumulation.
  • We see this intermittent correction as healthy, allowing the market to digest recent buying activities.
  • For today, we expect the index to hover within the 1,650-1,660 range as earnings from corporate Malaysia seems decent so far especially from the big caps which may prompt an upward revision in the overall earnings growth for CY2024.
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