Daily Market Report (27 September 2024)
Daily Market Report (27 September 2024)

Daily Market Report (27 September 2024)

Fri, Sep 27, 2024 7:47 AM
  • Wall Street ended positively underpinned by good economic data especially the declining jobless claims.
  • As such, the DJIA gained 260 points while the Nasdaq added 108 points with the US 10-year yield inching higher at 3.796%.
  • Over in Hong Kong, the HSI continued with its uptrend to end at a 14-month high at almost the 20,000 mark.
  • Overall sentiment was further buoyed by Xi Jinping’s vow to reignite the private economy via more easing policies and stimulus in addition to the recent ones.
  • On the domestic front, the FBM KLCI closed marginally lower as profit taking activities by foreign funds emerged during the afternoon session again.
  • Daily volume traded remains low at the 3bn threshold.
  • This illustrates ongoing consolidation within the local bourse may take longer than anticipated.
  • Therefore, we expect the index to hover within the 1,665-1,675 range today.
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