Daily Market Report (20 February 2024)
- Wall Street was closed for Washington Birthday yesterday and a look at the futures showed that all 3 major indices remained rather flat.
- Over in Hong Kong, the HSI lost 184 points and halted its Dragon year rally as the Chinese authority kept interest rates unchanged.
- At the home front, the FBM KLCI continued with its uptrend to close almost the 1,540 mark attributed to some late buying activities.
- We expect foreign funds to maintain the accumulation of local equities, taking advantage of the low valuations of both stocks and currencies within the SEA region.
- Though a correction is anticipated anytime soon, we suspect it’s only for a short period hence expect the index to hover within the 1,535-1,545 range today with interests possibly on the Construction and Utilities stocks.
