Daily Market Report (12 January 2024)
- Wall Street closed flattish as December’s inflation came in higher than expected, raising new questions about the Federal Reserve's path on interest rates.
- The DJIA gained 13.3 points or 0.04%, while Nasdaq was almost unchanged.
- In Asia, key indices finished mostly higher with strong gains in Japan driven by expectations that the BOJ will maintain its dovish policy in the near-term.
- Over to HK, stocks rebounded due to bargain hunting and recovery in the tech stocks.
- As a result, the HSI added 205 points or 1.3% to finish above the 16,000 level.
- On the home front, the FBM KLCI continues to see some profit takings following the recent rally.
- Nonetheless, we view it as a healthy sign as it allows the market to digest recent uptrend. We expect buying on local stocks to persist, given the strong support from foreign funds and improving market sentiment.
- As such, we anticipate that the FBM KLCI will trend within the range of 1,480-1,490 for today.
