Daily Market Report (13 February 2024)
- Wall Street ended mixed as traders are looking ahead for more corporate earnings and the latest consumer price index (CPI) which should be out later today.
- Nonetheless, the DJI Average rose 126 points to a new record high as the Nasdaq fell 48 points as the US 10-year yield declined marginally at 4.179%.
- The Hong Kong market will be closed today and will resume trading tomorrow.
- On the home front, the FBM KLCI ended flat ahead of the long Lunar New Year break amid the continuous buying from foreign funds.
- We believe more funds will be channeled back into the South East Asia region with Malaysia slowly back into the limelight amid the improving political stability.
- Meanwhile, we expect retail participation to improve over time as the market undertone gets better.
- Thus, we anticipate the index to hover within the 1,510-1,520 range today with buying interests returning on the Banks.
