Daily Market Report (18 April 2024)
- Wall Street closed on a weak note as traders are opting to lock in profits following a decent run over the past months amid the prevailing uncertainties on interest rates, geopolitical tension and the upcoming results season.
- As a result, the DJI Average declined 46 points while the Nasdaq slipped by 182 points despite the US 10-year yield easing lower at 4.589%.
- Over in Hong Kong, the HSI ended on a flat note after a choppy session as sentiment remains very much entrench on the Federal Reserve’s inability to decide on rate adjustments as yet.
- Back home, the FBM KLCI rebounded to the 1,540 mark attributed to broad-based buying.
- Nonetheless, we noticed market undertone remains cautious as illustrated by the lower daily volume yesterday.
- Though we reckon bargain hunting may persist today, trading activities are expected to be lacklustre hence anticipate the index to hover within the 1,535-1,545 range today.
- Meanwhile, the CPO which have had a decent run recently saw price declined to almost the RM4,000/tonne level in line with weaker soy and crude oil prices.
