Daily Market Report (8 October 2024)
- Wall Street closed broadly lower as sentiment tuned cautious amid the rising Treasury yields and crude oil prices.
- As such, the DJIA declined by almost 400 points while the Nasdaq lost 214 points as the US 10-year yield climbed to 4.028%.
- Meanwhile, Hong Kong market remained buoyant attributed to the meteoric rise of the Chinese markets.
- The HSI closed above the 23,000 mark, a level last seen in February 2022 as foreign funds returned hoping that there will be more goodies from the Chinese authorities.
- Back home, the FBM KLCI ended positively as foreign funds turned net buyers.
- Nonetheless, market undertone remains cautious as illustrated by the low daily volume traded at below 2.8bn shares.
- We noticed the index is still consolidating within the 1,630-1,680 range and needs to break the 1,680 level decisively before the upward trajectory resumes towards the 1,700 mark.
- Despite the lack of catalysts currently, we hope recent strong performance of the crude palm oil (CPO) price may attract some interests on the planters hence expect the index to hover within the 1,635-1,645 range today.
