Daily Market Report ( 30 September 2024)
- Wall Street closed mixed as sentiment turned mixed following a series of disappointing jobs reports.
- Investors are hoping for a soft landing where the Federal Reserve can tame inflation without significantly harming growth, bolstered by the 50 basis point rate cut delivered at this month's policy meeting.
- The Dow rose 0.3% while S&P500 and Nasdaq finished 0.1% and 0.41% lower.
- In Hong Kong, the HSI surged for the fourth consecutive day along with record trading volumes, reclaiming the 20,000 mark and recording its best week in 26 years as a buying spree accelerated following Beijing’s fresh economic stimulus.
- Back home, the FBM KLCI continued to consolidate despite several attempts to break out.
- However, we anticipate an upward shift, driven by buying interest due to attractive valuations, improving economic conditions, and robust corporate earnings.
- Hence, we anticipate the benchmark index to range between 1,660 and 1,670 today.
