Daily Market Report ( 5 September 2024)
- Wall Street closed mixed as traders stayed sidelined ahead of the employment report tomorrow.
- As such, while the DJIA added 38 points, the Nasdaq dipped 52 points as the US 10-year yield continues to ease now hovering at 3.757%.
- Over in Hong Kong, the HSI slipped by almost 200 points to end at a 2-week low as sentiment remains very much attuned to developments in the US.
- Energy related stocks in Hong Kong led the declines amid the weakness of crude oil prices.
- At home, the FBM KLCI ended lower amid the weak regional performance.
- Nonetheless, we noticed some bargain hunting activities on blue chips as the index seems to be well supported at current levels.
- Therefore, we expect the index to hover within the 1,670-1,680 range today.
- Meanwhile, crude oil prices continue to decline over the weakening demand especially from China resulting in the Brent crude price now trading at below the USD73//barrel.
