Daily Market Report (15 March 2024)
- Wall Street ended lower as reality bites after the PPP (producer price index) came in hotter than expected thus pushing the US 10-year yield higher at 4.292%.
- As such, the DJI Average lost 138 points while the Nasdaq declined 49 points.
- In Hong Kong, the HSI dipped below the 17,000 mark ahead of earnings announcement by prominent companies coupled with fresh tension between China/US over the possible ban on Tik-Tok.
- Back home, the FBM KLCI rebounded, attributed to some late buying on the Banks and Planters.
- We see such positive performance along with our regional peers as encouraging illustrating that confidence remains apparent within the South Esat Asia region thus anticipate more foreign funds to flow in.
- Nonetheless, sentiment may be somewhat affected by Wall Street performance overnight thus expect the index to hover within the 1,540-1,550 range today.
- Meanwhile, the CPO charged to almost the RM4,300/tonne level or a 1-year high buoyed by increases in edible oils across the board.
