Daily Market Report (25 Oct 2024)
- Wall Street ended mixed after corporate earnings showed varying performances. The DJIA slipped 0.33% amid disappointing earnings and the prolonged Boeing strike.
- Tesla’s earnings boost lifted the Nasdaq by 0.76% and the S&P 500 by 0.21%, while the 10-year Treasury yield fell to 4.21%.
- Across Asia, stocks ended mostly lower, pressured by global equity sell-offs linked to rising U.S. Treasury yields. Concerns over the contentious US election weighed heavily.
- In Hong Kong, the HSI fell more than 270 points, as tech stocks saw sharp declines while some investors locked in gains from recent rallies.
- Regional weakness led the FBM KLCI to close lower and we reckon this presents a buying opportunity for bargain hunters.
- As the index approaches oversold levels, we expect stock accumulation on dips and foresee a rebound, with the index trending between 1,630-1,640 today.
