Daily Market Report (26 September 2024)
Daily Market Report (26 September 2024)

Daily Market Report (26 September 2024)

Thu, Sep 26, 2024 8:20 AM
  • Wall Street closed mixed as profit taking activities emerged following a strong opening from all 3 major indices.
  • As such, the DJIA lost 293 points while the Nasdaq added 8 points as the US 10-year yield inched higher at 3.791%.
  • In Hong Kong, the HSI opened at almost its 52-week high before fizzling out at just above the 19,000 mark.
  • Nonetheless, sentiment remains buoyant following a spate of incentives to spur both the economy and equity market.
  • On the home front, the FBMKLCI managed to close on a positive note despite some intermittent profit taking activities during the afternoon session.
  • Again, we believe the 1,680 remains a tough resistance and must be broken decisively before the index enters its 2nd phase of uptrend.
  • For today, we expect the index to hover within the 1,670-1,680 range. Meanwhile, crude palm oil (CPO) trended above the RM4,000/tonne amid still stuck within a consolidation mode.
  • The uptick in price can be attributed to lower stock in Indonesia amid high biodiesel demand.
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