Daily Market Report (19 April 2024)
- It was another mixed day on Wall Street as traders were sidelined, unwilling to commit themselves amid the numerous headwinds.
- Due to US equities’ high valuations, any shortcomings from the upcoming earnings reporting will see another bout of selling.
- In view of the choppy session, the DJI Average added 22 points, while the Nasdaq lost 82 points with the US 10-year yield edged higher at 4.637%.
- In Hong Kong, the HSI jumped 134 points from bargain hunting activities as many traders are attracted by the low valuations of HK stocks as the banks, insurers and casino operators all ended higher.
- Locally, the FBM KLCI rebounded attributed to broad-based buying in line with the regional recovery.
- However, we believe overall sentiment remains jittery and there is a bias that investors may eventually go “Cash is King”.
- For today, we expect the index to hover within the 1,540-1,550 range.
- Anyhow, we noticed that a correction has started amongst the commodities namely CPO which dipped to below RM4,000/tonne and the Brent crude that eased to US$86/barrel.
