Daily Market Report (11 July 2024)
- It was another record breaking day on Wall Street as both the Nasdaq and S&P 500 closed at fresh highs boosted by the surge in tech stocks.
- Traders remain optimistic that the Federal Reserve will adjust rates in September ahead of new inflation data over the next 2 days.
- As such, the DJIA gained 429 points while the Nasdaq jumped by 218 points as the US 10-year yield ended marginally lower at 4.281%.
- Over in Hong Kong, the HSI pared early gains to close lower as sentiment was affected by corporate earnings warning coupled with disappointing China’s inflation data that came in lower than forecast.
- Back home, the FBM KLCI managed to end in positive territory following a choppy session.
- We noticed market undertone remains rather cautious as daily volume trades has dipped to below the 5bn shares level over the last few days.
- Nonetheless, we expect trading activities to improve, taking cue from the robust gains on Wall Street thus see the index to hover between the 1,620-1,630 range today.
