Daily Market Report - 24 August 2024
- Wall Street ended the week on a firmer note despite US long term yields remained elevated.
- The US 10-year yield edged higher at 4.736%. In addition to this, crude oil
prices also climbed higher with the Brent closing in on USD95/barrel mark. Over in Hong Kong, the HSI surged above the 26,000 thresholds underpinned by decent economic data and corporate earnings. - Meanwhile, the benchmark index expanded to 95 constituents with the
inclusion of Hua Hong Semiconductor and Weichai Power. - Back home, the FBMKLCI remained stuck in aconsolidation mode as the index closed flat. We noticed net foreign outflows persisted hence the stuttering indexperformance of late.
- On the brighter side, CPO price remains strong with the futures hovering close to the RM5,000/tonne level.
- For today, we expect the index to hover within the 1,730-1,740 range.
