Daily Market Report (12 March 2024)
- Wall Street closed mixed as traders were sidelined ahead of February’s CPI figure due today.
- As a result, the DJI Average added 47 points while the Nasdaq lost 66 points with the US 10-year yield inched marginally higher at 4.098%.
- In Hong Kong, the HSI jumped 244 points to above the 16,500 level as sentiment improves over optimism on the proposal to relax barriers to trade Hong Kong stocks for mainland Chinese.
- Back home, the FBM KLCI continued with its climb despite the market lacking trading excitement.
- We suspect retail participation will remain low due to the lack of leads at the moment.
- While we expect the market’s run-up to persist, we expect the index may be somewhat affected by Wall Street thus expect the index to hover within the 1,540-1,550 range today.
- Meanwhile, the ongoing CPO uptrend that breach the RM4,100/tonne should maintain interests on the Plantation sector especially the laggards.
