Daily Market Report (16 February 2024)
- Wall Street closed on a positive note as all 3 major indices rebounded with the S&P 500 ended on a record high following a drop in January’s retail sales igniting hopes for rates adjustment amid an easing US economy.
- As such, the DJI Average jumped 349 points while the Nasdaq gained 47 points as the US 10-year yield ended marginally lower at 4.234%.
- Over in Hong Kong, the HSI added 65 points to almost the 16,000 mark as traders are betting that the Chinese authorities will intervene to shore up investors’ confidence.
- Back home, the FBM KLCI ended on a flat note attributed to late buying activities, showing that the local bourse is well supported at current levels.
- As we enter into earnings season, it is without doubt that the banking sector will continue to show decent performance for CY2023.
- Thus, we expect the index to hover within the 1,530-1,540 range today amid the improving participation from the retail segment as illustrated by the improving daily volume.
