Daily Market Report (15 April 2024)
- Wall Street slumped as sentiment was again dented by inflationary worries coupled with the escalating tension in the Middle east.
- With Iran coming into the picture against Israel thus pushing crude oil prices higher, investors are wary that inflation will weigh on the market.
- As such, the DJI Average lost 476 points while the Nasdaq declined by 276 points as the US 10-year yield slid slightly to 4.518%.
- In Hong Kong, the HSI fell 373 points as the Chinese Yuan hit a 5-month low against the greenback.
- Back home, the FBM KLCI ended lower in line with the weak regional performances as investors remained in a cautious mood.
- The lack of fresh catalysts plus the geopolitical tension saw trading on the local bourse to be rather muted.
- For today, we expect the trading pattern to be lacklustre attune to the decline on Wall Street hence anticipate the index to hover within the 1,550-1,560 range.
- Meanwhile, the Brent crude closed above the US$90/barrel again.
