Wall Street surged supported by a combination of positive catalysts namely an oversold position plus June’s PCE (personal consumption expenditure) growth figure that came in within expectations.
As such, the DJIA climbed 654 points while the Nasdaq rose 176 points as the US 10-year yield weakened to 4.193%.
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Wall Street Surged
Over in Hong Kong, the HSI just managed to stay above water as sentiment remained cautious ahead of US release of the PCE data. Meanwhile, there are underlying expectations that China may come out with more easing policy to inject the ailing domestic confidence.
Back home, the FBM KLCI closed slightly lower as trading was muted with investors side-lined for the US inflation data. As a result, daily volume traded last Friday declined to below the 4bn shares level.
“We believe last Friday’s resurgence of Wall Street will prop up buying activities on the local bourse thus expect the index to hover within the 1,615-1,625 range today. Meanwhile, the MYR strengthened to around RM4.65 level which is almost at YTD high,” says Rakuten.
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