Daily Market Reports Issued By Rakuten Trade Research : Page 34

Wall Street declined attributed to profit taking activities as sentiment was affected by the latest court ruling that Trump’s tariffs policy may be illegal.
Thus, amid the heightened uncertainty, the US 10-year yield inched higher at 4.265%.
Over in Hong Kong, the HSI retreated following a blistering run-up recently bolstered predominantly by the Chinese stock market boom buoyed by strong buying interests of late.
On the domestic front, the FBM KLCI closed marginally higher due to last minute buying support after hovering in negative territory for most of the session.
As such, we remain confident that the local bourse remains well supported by local institutions despite the persistent net foreign outflows.
In view of this, we expect the index to trend between the 1,575-1,585 range today.
Meanwhile, gold prices surged to an all-time high above USD3,500/oz underscoring the apparent flight of funds out of USD.

Wall Street was closed for Labor Day yesterday and will resume trading today.
Nonetheless, all 3 major indices on Wall Street declined last Friday after latest report on consumer sentiment for July decreased while July also saw a widening US trade deficit.
Over in Hong Kong, the HSI jumped by more than 500 points to test the 26,000 mark led by the 19% surge in Alibaba and expectations that the Federal Reserve will cut rate by mid this month.
Back home, the FBM KLCI as expected failed to maintain its uptrend as sellers emerged ahead of the long weekend.
As such, the index declined to below the 1,580 level.
Nonetheless, we believe a swift rebound should occur as we expect the market undertone is still strong.
For today, we anticipate the index to hover within the 1,575-1,590 range.

Wall Street closed positively with the S&P 500 touching another record high as traders were convinced that Nvidia’s earnings further affirmed the prevailing AI boom, albeit with some initial concerns.
Meanwhile, the US 10-year yield eased to 4.205% further highlighting the rate cut possibility by the Federal Reserve in midSeptember.
Over in Hong Kong, the HSI declined to just below the 25,000 level as sentiment was affected by earnings from Chinese companies weren’t compelling enough coupled with NVidia’s downbeat outlook.
Back home, despite hovering rather positively throughout the day, the FBM KLCI ended marginally lower attributed to last minute selling activities.
We believe this could be due to profit taking by foreign funds.
For today, we expect the index to hover between the 1,585-1,595 range ahead of the long weekend.

Wall Street closed on a high as sentiment remains boosted by expectations of a rate cut by the Federal Reserve next month.
Nonetheless, the tech bellwether Nvidia fell in extended trading despite coming in with some solid earnings, as traders are worried of its purported sales of chips to China.
Meanwhile, the US 10- year yield eased to 4.238%.
In Hong Kong, the HSI failed to sustain its strong opening as it ended in negative territory as sellers emerged ahead of Nvidia’s earnings and the ongoing China-US trade tension.
On the home front, the FBM KLCI reversed previous day’s losses to close at a day’s high from apparent local institution support.
Contrary to our initial concerns, we deem this immediate rebound as encouraging as it displayed the market’s resilience.
For today, we expect the index to possibly trend within the 1,590-1,605 range.

Wall Street closed firmer as traders prefer to ignore Trump’s removal of Federal Reserve Governor Lisa Cook, instead focusing on earnings from Nvidia later today.
Meanwhile, the US 10-year yield inched higher at 4.265%.
Over in Hong Kong, the HSI declined as profit taking activities emerged as worries over the pace of the US rate cut along with the China-US trade negotiations resurfaced.
Back home, the FBM KLCI faced with mounting selling pressure slid to just above the 1,580 threshold.
The sell-down was rather drastic amid a regional sell-off as illustrated by the spike in daily trading volume to above the 4bn level.
Whilst we are hoping for an immediate rebound, we believe yesterday’s aggressive selling may have dented the underlying confidence somewhat thus expect the index to hover within the 1,580-1,590 range today.

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