Daily Market Report (7 Nov 2024)
- Wall Street closed sharply higher as Donald Trump secured victory in the 2024 presidential election.
- The Dow surged over 3.5%, while the S&P 500 rose by more than 2.5%, and the Nasdaq gained nearly 3%. Tesla shares soared over 14%, with Trump’s win seen as a potential boost for Elon Musk’s electric vehicle company.
- Across Asia, stocks ended mostly higher due to positive cue from Wall Street overnight. In Hong Kong, the HSI fell more than 469 points due to profit taking activities following the recent rally.
- Locally, the FBM KLCI finished higher due to broad-based buying.
- The recent upward movement in the FBM KLCI suggests some buying interest, which may provide a short-term rebound opportunity.
- Furthermore, BNM’s decision to hold the OPR at 3% adds clarity to the local market landscape.
- We believe plantation stocks will remain a key focus, with CPO futures approaching RM5,000/per tonne.
- We anticipate the benchmark index to trend within the range of 1,630 to 1,640 today.
