Daily Market Report (13 March 2024)
- Wall Street closed broadly firmer as traders ignored recent hotter than expected inflation data which saw the US 10-year yield higher settling at 4.151%.
- Citing that the US economy remains robust, the DJI Average gained 236 points while the Nasdaq jumped by 246 points.
- Over in Hong Kong, the HSI surged 506 points to above the 17,000 mark attributed to more aggressive share buybacks and optimism that China will be more willing in assisting the troubled Chinese property market.
- Back home, the FBM KLCI maintained its uptrend to close on a 2-week high buoyed by the positive performance regionally.
- We noticed daily volume traded for the local bourse improved above the 4bn shares level which hopefully may be sustainable or even improve further.
- Taking cue from Wall Street’s massive jump overnight, we believe the index to possibly hover within the 1,555- 1,565 range today.
