Daily Market Report - 6 Dec 2024
- Wall Street closed lower as traders unloaded their position ahead of the US November employment data that could impact the Federal Reserve’s stance on interest rate.
- Meanwhile, the US 10-year yield ended marginally lower at 4.178%.
- Over in Hong Kong, the HSI retreated as traders locked in profits ahead of a major policy conference in Beijing next week amid concerns over the impending trade war by Trump.
- Back home, the FBM KLCI closed positively but off the day’s high.
- We believe the ongoing buying streak will continue and remain hopeful that foreign selling will not derail the current uptrend.
- Crucially the benchmark index is still stuck within the consolidation phase and needs to break the 1,630 mark, before the local bourse improves to higher levels.
- For today, we expect the index to trend within the 1,610-1,620 range.
- Meanwhile, the CPO futures is looking solid currently trending at around the YTD high of RM5,200/tonne.
