Daily Market Report (9 Sep 2024)
- Wall Street closed broadly lower as traders were in a state of confusion following the release of August job data illustrating higher unemployment claims while overall unemployment rate came within expectations at 4.2% from 4.3% last month.
- As a result, the DJIA lost 410 points while the Nasdaq declined by 437 points with the US 10-year yield inching lower at 3.716%.
- Market in Hong Kong was closed on Friday due to super typhoon Yagi.
- Back home, the FBM KLCI remained stuck within its downtrend channel to close near the 1,650 level.
- We reckon the prevailing market weakness can be due to the ongoing probe by MACC on YTL’s related company.
- For the week, YTL Corp shed 16% while YTL Power lost 10%.
- Though this is temporary, we believe sentiment remains in cautious mode as depicted by the low volume traded of 2bn shares last Friday.
- Nonetheless, we hope the debut of 99 Speedmart today will inject some excitement to the local bourse.
- For today, we expect the index to hover within the 1,650-1,660 range.
