Daily Market Report - 9 Dec 2024
- Wall Street ended on a mixed note although sentiment remains bullish of a rate cut notwithstanding a stronger monthly job data along with a higher unemployment rate of 4.2% for November from 4.1%.
- Meanwhile, the US 10-year yield eased to 4.149%.
- In Hong Kong, the HSI jumped to almost the 20,000 mark as traders are gearing up for the Chinese economic policy meeting scheduled sometime this month aiming to revive domestic consumption and tackle the trade war with US.
- Back home, the FBM KLCI took a breather to close lower after a 3-day uptrend.
- Though the index is still stuck within the consolidation phase, we remain hopeful that accumulation of stocks to continue as the local bourse is currently hovering at alluring valuations of 14.5x PER based on 2025 figures.
- As such, we expect the index to hover within the 1,615-1,625 range today.
