Daily Market Report (10 January 2024)
- Wall Street remains weak but all 3 major indices managed to close off their respective lows.
- Traders stayed cautious as many are waiting for key inflation data over the next 2 days.
- As such, the DJI Average declined 158 points while the Nasdaq added 14 points while the US 10-year yield dipped slightly lower at 4.015%.
- In Hong Kong, the HSI resumes with its decline to close below the 16,200 level mainly from sell-down on giant tech companies namely Alibaba, JD.com, Tencent and Meituan.
- On the local front, the FBM KLCI finally breached the 1,500 mark albeit briefly as profit taking activities surfaces during the afternoon session curbing the index uptrend.
- Nonetheless, we believe there are still legs for the FBM KLCI amid the intermittent consolidation hence we reckon the index to trend within the 1,495-1,505 range today.
- Construction and Energy counters may attract some interests after some selling yesterday.
