Daily Market Report (2 February 2024)
- Wall Street finished higher as bargain hunting emerged particularly on tech stocks following the earlier sell-off.
- The DJIA gained 60 points (0.16%), while Nasdaq lost 55 points (0.36%) led by selling on Intel.
- The Dow rose 370 points (0.97%) while the Nasdaq surged 198 points (1.3%).
- In Asia, key indices closed lower following negative cue from global equities overnight as the US Fed quashed expectations for interest rate cuts in March 2024.
- Nonetheless, bargain hunting activities are seen in HK given their cheap valuations with the with led to a 76 points or 0.5% rise in the HSI.
- As for the local bourse, the FBM KLCI close relatively flat on Wednesday impacted by the cautious sentiment across the region.
- We remain vigilant and expect benchmark index to stay in consolidation mode at this juncture until more clarity surfaces.
- Thus, we anticipate the FBM KLCI to trend within the range of 1,510-1,520 for today.
