Daily Market Report (4 Nov 2024)
- Wall Street closed firmer as traders ignored October’s weak job data citing possible impacts from the recent hurricanes and strikes.
- Meanwhile, Nvidia has replaced Intel as the DJIA constituent commencing next week and the US 10-year yield flew past 4.3% to end at 4.386% illustrating the uneasiness over the Federal Reserve forthcoming rate adjustment.
- In Hong Kong, the HSI rebounded spurred by growth in China’s property market for the first time this year after recent easing measures.
- Back home, the FBM KLCI managed to stay above the 1,600 threshold after a brief fling below the psychological support level as bargain hunters emerged.
- Nonetheless, overall sentiment remains cautious.
- As we enter into a highly volatile week, we expect the index to trend within the 1,595-1,605 range today.
- Finally, the CPO price managed to churn out its highest monthly average price at RM4,380/tonne for 2024.
