Daily Market Report (5 Nov 2024)
- Wall Street closed lower amid a choppy session as sentiment remains jittery ahead of the US presidential election today.
- Meanwhile, traders were also focused on the Federal Reserve’s purported rate cut on Thursday. As such, the US 10-year yield retreated to 4.287% after days of uptrend.
- Over in Hong Kong, the HSI managed to close positively largely buoyed by interests on EV stocks which recorded robust sales while waiting for more easing measures.
- On the home front, bargain hunting activities propped the FBM KLCI to above the 1,615 level predominantly led by renewed interests in Plantation stocks.
- As we had highlighted over the past 2 weeks, the strong CPO price will eventually place the planters back into the radar.
- We believe there are still legs for these stocks as the CPO futures are racing towards the RM5,000/tonne level.
- As we enter into the earnings season, we reckon sentiment should improve underpinned by the solid 15.4% earnings growth forecast for CY24 thus expect the index to chart within the 1,610-1,620 range today.
