Daily Market Report (14 March 2024)
- Wall Street closed on a mixed note as its major indices may be in for some consolidation following recent record-breaking runs.
- Therefore, despite the DJI Average adding 38 points, the Nasdaq declined by 88 points with the US 10-year yield inching higher at 4.188%.
- As for Hong Kong, the HSI ended slightly lower after charting a 700 point uptrend over the last 3 days.
- Nonetheless, sentiment on Hong Kong equities is on the mend coupled with more aggressive share buy-backs.
- Back home, the FBM KLCI underwent a transition as it closed below 1,540 after adjustments for dividends amongst some heavyweights.
- We believe stock accumulation will return hence we expect the index to continue its march towards the 1,600 level.
- For today, we reckon the index to hover within the 1,540-1,550 range.
- Meanwhile, Plantation counters continue to see some positive interest after the CPO charted a 52-week high of RM4,200/tonne due to lower inventory.
