Daily Market Report (8 August 2024)
- Wall Street closed lower as early attempts to prop up the market failed.
- This is further exacerbated by the weak demand for the latest US Treasury sales, underscoring the fragile confidence of the US economic conditions.
- As such, the DJIA erased 234 points while the Nasdaq declined by 171 points as the US 10-year yield edged marginally higher at 3.952%.
- In Hong Kong, the HSI recovered on the back of China’s stronger than expected import data.
- Back home, we were surprised by the FBM KLCI strong recovery as the index may be looking to test breaking the 1,600 level.
- Though the 1,600 is now deemed as a psychological resistance, we reckon it is crucial that this level is broken soonest possible in order to maintain the recent upward trajectory.
- Nonetheless, as sentiment is still in a cautious mode, we expect the index to possibly hover within the 1,590-1,600 range today.
