Daily Market Report (12 April 2024)
- Wall Street rebounded spurred by the lower than expected producer price index for March as traders turned buyers following the hot CPI data a day below.
- Despite the flattish DJI Average, the Nasdaq jumped by 272 points to another record high led by bulk of the Magnificent 7 as the US 10-year yield edged to almost a 5-month high at 5.584%.
- In Hong Kong, the HSI slipped slightly over China’s deflation fears and the impact on the property sector as borrowing costs remain high amid the uncertainty over the rate cuts by the Federal Reserve.
- At home, the FBM KLCI slid to below the 1,555 level after testing a YTD high on Tuesday.
- We believe this could be attributed to the shortened trading days this week for Hari Raya festivities.
- Today, we reckon some bargain hunting activities to emerge thus anticipate the index to hover within the 1,550-1,560 range.
