Daily Market Report (9 August 2024)
- Wall Street rebounded sharply buoyed by the lower than expected weekly jobless claims, allaying fears of the creeping US unemployment rate and recessionary fears.
- Attention may now be on the CPI data next Wednesday.
- As such, the DJIA jumped 683 points while the Nasdaq added 464 points with the US 10-year yield ending higher at 3.989%.
- Over in Hong Kong, the HSI closed slightly higher after a slow opening on expectations that global funds may return to undervalued Chinese equities.
- On the home front, the FBM KLCI closed on a flat note as the market is still trying to even after the recent wild gyrations.
- Though daily volume traded has weakened to around the 4bn shares level, we see this as positive, noting that selling may be easing.
- Despite the upturn on Wall Street, we expect sentiment on the local bourse to remain cautious ahead of the weekend, hence anticipate the index to hover within the 1,590-1,600 range today.
