Daily Market Report (7 August 2024)
- Wall Street staged a relief rally as all 3 major indices closed on a positive note supported by broad based buying.
- Nonetheless, many are aware that market volatility has heightened and do not discount the fact that selling activities may re-emerge.
- As such, the DJIA gained 294 points while the Nasdaq added 167 points as the US 10-year yield edged higher at 3.90%.
- Over in Hong Kong, the HSI pared earlier gains to end slightly lower despite the rally in Japan.
- Confidence remains fragile on concerns over China’s growth and the lack of easing catalysts.
- Back home, the FBM KLCI rebounded in line with the improved regional performances.
- However, whether this is sustainable remains to be seen as sentiment has turned jittery.
- Therefore, we need to see persistent buying support on the local bourse over the next few days before market undertone improves.
- For today, we believe trading to remain cautious thus expect the index to hover within the 1,570-1,580 range.
- Finally, we are also keeping an eye in the middle east as prevailing simmering tension may boil into a full wage war.
