Daily Market Report (30 Oct 2024)
- Wall Street ended mixed amid a choppy session as traders are waiting for Alphabets’ earnings that is due later today.
- Meanwhile, the US 10-year yield declined to 4.256%. Over in Hong Kong, the HSI maintained its upward trajectory but closed off its day’s high.
- Sentiment was buoyed by robust earnings from HSBC and biopharmaceutical company Wuxi AppTec that beat expectations.
- Back home, after a 4-day decline, the FBM KLCI finally ended on a positive note attributed to some bargain hunting activities.
- Nonetheless, overall sentiment remains cautious as depicted by the low volume traded.
- Meanwhile, it is worthwhile noting that the CPO price has trended at its YTD high thus giving hopes of a potential blockbuster 4Q for the planters.
- All said, we are hopeful the index to maintain its rebound thus expect it to hover within the 1,615-1,625 range today.
