Daily Market Report (30 August 2024)
- It was an interesting day on Wall Street as only the DJIA managed to close on a positive note and fresh record high despite all 3 major indices starting yesterday’s session impressively.
- Thus, though the DJIA added 244 points, the Nasdaq ended the day 40 points lower with the US 10-year yield edging higher at 3.863%.
- Over in Hong Kong, the HSI closed positively after a jittery start as sentiment improved after Meituan delivered a better than expected results.
- However, overall confidence on Hong Kong shares remains fragile on anticipation of more downbeat corporate earnings ahead.
- Back home, the FBM KLCI finally cracked to almost the 1,650 mark as sellers emerged following a week of persistent stock accumulation.
- We see this intermittent correction as healthy, allowing the market to digest recent buying activities.
- For today, we expect the index to hover within the 1,650-1,660 range as earnings from corporate Malaysia seems decent so far especially from the big caps which may prompt an upward revision in the overall earnings growth for CY2024.
