Daily Market Report ( 9 October 2024)
- Wall Street closed positively as traders are pondering the decline in crude oil prices amid the ongoing tension in the middle east.
- As such, the DJIA rose 126 points while the Nasdaq added 259 points with the US 10-year yield easing slightly to 4.014%.
- Over in Hong Kong, the HSI tumbled sharply to below the 21,000 mark as the buying euphoria waned following the absence of more handouts during the National Development and Reform Commission (NDRC) press conference yesterday.
- On the home front, the FBM KLCI closed marginally higher due to last minute buying activities paring earlier losses.
- Though daily traded volume improved somewhat, it remains insufficient to instigate any heightened trading activities.
- Therefore, we maintained that the local bourse is still stuck within its consolidation phase and the index is expected to hover within the 1,630-1,640 range today.
- Meanwhile, crude oil price slipped as the Brent crude lost almost 5% to USD77/barrel on concerns on weakening demand.
