Daily Market Report (11 January 2024)
- Wall Street closed broadly higher amid a muted trading session as traders are waiting for fresh inflation data later today.
- The DJI Average gained 171 points while the Nasdaq jumped 112 points higher with the US 10-yaer yield edging higher at 4.03%.
- In Hong Kong, the HSI continues to slide attributed to the lack of catalysts.
- Nonetheless, the decline in China’s 10-year bond yield has prompted expectations that a cut in interest rates could be in the offing.
- Back home, the FBM KLCI solid uptrend fizzled out as profit taking activities emerged in line with the regional weaknesses.
- Nonetheless, we deem such a correction is healthy as a foundation for a more sustainable uptrend for the index.
- Therefore, we expect the emergence of bargain hunters today and expect the index to hover within the 1,485-1,495 range supported by interests on the Banks.
