Daily Market Report (4 September 2024)
- Wall Street slumped as selling on tech related stocks gathered momentum following signs of weaknesses from US manufacturing activities.
- As a result, the DJIA lost 626 points while the Nasdaq saw a sharp decline of 577 points as the US 10-year yield eased slightly to 3.831%.
- In Hong Kong, the HSI closed slightly lower on the weakness of China’s economy coupled with lower than expected corporate earnings released recently.
- On the home front, the FBM KLCI ended marginally lower as market’s undertone remains cautious illustrated by the declining daily volume traded which dipped to below the 3bn shares level.
- Nonetheless, we are still confident that buyers would return snapping up domestic shares after a decent results season which prompted some broad-based upgrades.
- However, taking cue from the drastic performance on Wall Street overnight, we believe trading activities on regional markets should be negatively affected thus expect the index to hover within the 1,670-1,680 range today.
