Daily Market Report (12 July 2024)
- Wall Street closed mixed as traders are rotating out of the mega tech companies following June’s tame CPI figure and high likelihood of a rate cut in September.
- As a result, the DJIA added 32 points while the Nasdaq lost 364 points with the US 10-year yield ending lower at 4.211%.
- Over in Hong Kong, the HSI gained 360 points following China’s latest move to curb short selling to boost confidence.
- Sentiment was further buoyed from signs that the Federal Reserve will adjust interest rates in September.
- Back home, the FBM KLCI closed higher as stock accumulation persists despite some profit taking activities.
- We reckon buying interests may be gaining momentum as daily traded volume surpassed the 5bn shares level.
- As such, we believe the index to hover between the 1,620-1,630 range today.
