Daily Market Report (10 July 2024)
- Wall Street closed mixed but both the Nasdaq and S&P 500 inched slightly higher to end at record highs on the back of Fed chair Jerome Powell’s statement that keeping rates high for too long will be bad for the US.
- Nonetheless, the DJIA dipped 53 points as the US 10-year yield marginally higher at 4.297%.
- Meanwhile in Hong Kong, the HSI ended flat but off the day’s low as sentiment remains nervous of China’s inflation data which may indicate sluggish domestic demand.
- Back home, the FBM KLCI closed on a positive note amid a muted session with traces of bargain hunting activities.
- However, market volume has shrunk to below the 5bn shares mark illustrating that market undertone is still rather cautious.
- As such, we expect the index to hover within the 1,610-1,620 range today.
