Daily Market Report (24 July 2024)
- Wall Street closed slightly lower following a choppy session as traders are weighing on results due from Alphabet and Tesla which came in mixed after the closing bell.
- While Alphabet beat street’s estimates, Tesla earnings were lower than forecast.
- Meanwhile, the DJIA lost 57 points while the Nasdaq declined by 10 points as the US 10-year yield stayed flat at 4.253%.
- In Hong Kong, the HSI drifted lower as sentiment remained cautious while waiting for more easing policies from China.
- BYD and its affiliates took a hit as Warren Buffet’s Berkshire Hathaway reduced its stake in the EV maker to below 5%.
- Back home, the FBM KLCI rebounded to within the crucial 1,630 mark as bargain hunters returned pushing the daily volume traded above the 5bn shares level.
- We remain positive that interest in the local bourse to persists despite the recent unloading by foreign funds.
- As such, we expect the index to hover within the 1,625-1,635 range today.
