Daily Market Report (7 October 2024)
- Wall Street closed broadly higher attributed to a robust monthly job data which exceeded expectations plus the ending of the US dockworkers strike.
- As such, the DJIA jumped 314 points while the Nasdaq added 219 points as the US 10-year yield edging higher at 3.969%.
- Over in Hong Kong, buyers returned with a vengeance as the HSI surged closer to the 22,800 level.
- Traders flocked into Hong Kong stocks as valuations remain below their historical averages.
- Back home, the FBM KLCI closed weaker to end below the 1,630 level due to persistent selling from the foreign funds.
- As the index has lost 25 points over the past 5 days, a quick rebound is needed before we enter into another prolong consolidation phase.
- Therefore, we expect the index to trend within the 1,630-1,640 range today.
- Meanwhile, we noticed that the CPO price maintained its uptrend to hover above RM4,200/tonne spur by the higher crude oil prices amid the tension in the middle east and partly due to the lower MYR currently at RM4.23 vs the greenback.
