Daily Market Report (8 Nov 2024)
- Wall Street ended higher after the Federal Reserve announced a 25 basis-point rate cut, continuing a rally sparked by Donald Trump's return as U.S. president.
- The Dow closed flat, while the S&P 500 and Nasdaq rose 0.74% and 1.51%, respectively.
- At the same time, Fed Chair Jerome Powell expressed confidence in a soft landing for the economy.
- Key regional indices finished mostly higher, tracking U.S. market strength, as investors looked ahead to a possible second Trump term and an expected Fed rate cut.
- China and HK’s stocks surged on optimism around potential new stimulus from Beijing.
- On the domestic front, the FBM KLCI closed marginally lower due to profit-taking activities following several days of uptrend.
- Nonetheless, the recent rally in the FBM KLCI indicates strong buying interest, signalling a promising short-term rebound opportunity.
- Malaysia's promising GDP growth forecast, strategic investments, and strengthened ties with global economies could positively influence the stock market in the short to medium term.
- Sectors like services, manufacturing, and ICT may see increased investor interest, while fiscal stability and targeted subsidies could bolster overall market confidence and drive broader gains.
- As such we anticipate the FBM KLCI to trend within the range of 1,620- 1,640 for today.
