Daily Market Report (15 February 2024)
- Wall Street rebounded attributed to some bargain hunting activities following Tuesday’s sell-off as prospects of a rate cut by the Federal Reserve may be delayed.
- As such, the DJI Average gained 151 points while the Nasdaq jumped by 203 points as the US 10-year yield eased marginally to 4.261%.
- In Hong Kong, the HSI advanced by 133 points giving an auspicious start for the Year of the Dragon despite recent move from MSCI cutting 66 Chinese companies from its indices.
- On the home front, the FBM KLCI closed slightly lower mainly attributed to the weak performance on Wall Street overnight.
- Nonetheless, we noticed that the market undertone remains solid and is still well supported by foreign buying.
- In view of the uncertainty in the US, we believe funds will continue to flow into the region whereby value propositions are still in abundance.
- Hence, we expect the index to hover within the 1,530-1,540 range today.
