Daily Market Report (28 Oct 2024)
Daily Market Report (28 Oct 2024)

Daily Market Report (28 Oct 2024)

  • Wall Street ended on a mixed note with the Nasdaq closing on a high boosted by the mega cap tech stocks ahead of their earnings report.
  • This is despite the US 10- year yield remains elevated at 4.242%.
  • Over in Hong Kong, the HSI rose underpinned by a rebound in property sales in China hence the improved optimism on the Chinese growth trajectory.
  • Back home, the FBM KLCI declined to almost the 1,610 level as foreign selling gathered momentum.
  • We were surprised by the sell down and believe a swift rebound is required to above the 1,630 mark to avoid a pro-longed consolidation for the local bourse.
  • Meanwhile, we expect the index to stay side-ways possibly oscillating between the 1,620-1,630 range today.
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