Daily Market Report (23 July 2024)
- Wall Street rebounded following sharp sell-down in previous sessions as traders also weighed on Biden’s stepping down from the presidential election.
- Meanwhile, focus will also be on the personal consumption expenditure (PCE) index which is due on 26th July.
- As such, the DJIA gained 128 points while the Nasdaq jumped by 281 points as the US 10-year yield edged higher at 4.254%.
- Over in Hong Kong, the HSI added almost 220 points as sentiment recovered after China cut its rates by 10bps to spur economic activities.
- On the home front, the FBM KLCI declined to almost the 1,620 mark as selling activities gathered momentum amid a broad regional sell-down.
- We were surprised by the selling possibly due to the heightening uncertainty in the US politics.
- Nonetheless, we see some bargain hunting activities today thus expect the index to hover within the 1,625-1,635 range.
