Daily Market Report (4 October 2024)
- Wall Street closed lower on concerns over the escalating tension in the middle east coupled with September’s payroll report due later today.
- As a result, the DJIA lost 185 points while the Nasdaq dipped marginally by 7 points as the US 10-year yield inched higher at 3.846%.
- Hong Kong market took a breather yesterday as the HSI declined 330 points after surging by 2,800 points over the past 5 days.
- Back home, the FBM KLCI closed slightly higher attributed to late buying activities paring earlier losses.
- Nonetheless, we believe the index remain stuck within a consolidation phase hence expect it to hover within the 1,640-1,650 range today.
- Meanwhile, crude palm oil (CPO) trended higher at around RM4,200/tonne due to higher crude oil prices and a weaker MYR which currently pegs at RM4.23/USD1.
