Daily Market Report (1 March 2024)
- Wall Street closed broadly higher spearheaded by Nasdaq as buyers reemerged after the latest personal consumption expenditure for January came in within market expectations.
- As such, the Nasdaq jumped 144 points while the DJI Average added 47 points as the US 10-year yield dipped further to 4.254%.
- Over in Hong Kong, the HSI ended slightly lower attributed to profit taking activities coupled with weak earnings report from Baidu and Budweiser.
- Nonetheless, overall sentiment should stabilize following the removal of curbs on home purchases and property financing limits.
- Back home, the FBM KLCI rebounded as buying on blues chips resumes supported by a slew of decent corporate earnings reported recently particularly from the Banks and Telcos.
- We believe buying on the Blues to continue as most are still trading below their historical average valuations thus expect the index to hover within the 1,550-1,560 range today.
