Daily Market Report (19 March 2024)
- Wall Street closed higher amid a cautious mode as many are expecting another stagnant rate outlook ahead of the FOMC meeting.
- As such, the DJI Average gained 76 points while the Nasdaq benefited from rotational play, jumped 130 points despite the US 10-year yield edging higher at 4.328%.
- In Hong Kong, the HSI reversed earlier losses to end in positive territory as traders are expecting more policy easing process after the latest batch of China’s economic data remained rather dull.
- Back home, the FBM KLCI ended flat as overall sentiment is still cautious notwithstanding the ongoing accumulation of blue chips.
- This time around we believe the buying is predominantly from the local institutions as more funds are being ploughed back into the domestic market thus expect the index to hover within the 1,550-1,560 range today.
- Meanwhile, the Brent crude jumped to almost US$87/barrel underpinned by strong demand hence may see interests shift to the Energy counters today.
