Daily Market Report (15 July 2024)
- It was a record breaking day on Wall Street as all 3 major indices experienced new highs as traders were expecting the Federal Reserve to cut rates.
- However, attention was focused on Trump being shot in Pennsylvania that hogged the limelight as this may have implications.
- Meanwhile, the US 10-year yield eased to 4.186%.
- Over in Hong Kong, the HSI maintained its upward trajectory and surged past the 18,000 mark as sentiment was buoyed by the brightening prospects of a rate cut in the US.
- Back home, the FBM KLCI dipped below the 1,620 level as selling persisted in the afternoon session.
- As such, we reckon the index is faced with a strong resistance at around the 1,630 level currently.
- Though we remain optimistic on the outlook, we believe the index may need to break this resistance decisively soon to continue with its uptrend and to avoid a prolonged consolidation mode.
- Hence, we expect the index to hover within the 1,615-1,625 range today.
- Meanwhile, the MYR has strengthened to the 4.66 level which is the highest YTD.
