Wall Street rebounded on a wave of solid earnings reports, with the Dow Jones Industrial Average (DJIA) closing at another record high, gaining 0.79% to end at 43,077.70.
Wall Street rise
Despite concerns over stretched valuations, investor sentiment remained buoyant, fueled by the ongoing U.S. Presidential election period.
The S&P 500 also advanced 0.47%, closing at 5,842.47, while the Nasdaq rose 0.28% to finish at 18,367.08. Meanwhile, U.S. 10-year Treasury yields trended lower, ending at 4.018%, indicating cautious optimism in the bond market.
In Hong Kong, the Hang Seng Index (HSI) dipped slightly by 0.16% to 20,286.85 as traders awaited further details on the recently announced stimulus measures from China. However, property stocks saw a surge, with investors anticipating additional support from the Housing Ministry to boost confidence in the struggling real estate sector. The Shanghai Composite Index (SHCOMP) inched up 0.05%, closing at 3,202.95, reflecting tempered market sentiment.
Bursa struggled
The local bourse continued to face pressure, with the FBM KLCI slipping 0.57%, or 9.34 points, to close at 1,632.63. Profit-taking activities dominated the market as investors remained cautious ahead of the highly anticipated Budget 2025 announcement. Trading volume remained thin, with a total of 2.79 billion shares traded, valued at RM3.17 billion.
Sector performance was mixed, with gainers seen in consumer (+0.62%), telecommunications (+0.39%), and utilities (+0.34%), while industrial products and services (-0.94%), transportation (-0.91%), and property (-0.88%) posted losses. The market breadth was negative, with 700 decliners outpacing 341 gainers, reflecting overall bearish sentiment. Regional markets also showed a mixed performance, with Japan’s Nikkei 225 falling 1.83% to 39,180.30 and Singapore’s STI sliding 0.13% to close at 3,590.62.
Looking ahead, trading on the FBM KLCI is expected to remain subdued, with the index likely hovering within the 1,630-1,640 range as investors await the Budget 2025 presentation tomorrow. Market participants are watching closely for potential fiscal policies that could shape the local economic outlook in the coming year.
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