Daily Market Report (20 March 2024)
- Wall Street closed broadly higher following a brief correction recently as traders are now keeping a close tab on the FOMC meeting that started yesterday.
- As such, the DJI Average jumped 320 points while the Nasdaq added 63 points as the US 10-year yield eased slightly to 4.293%.
- Over in Hong Kong, the HSI lost 208 points as sentiment turned cautious over the forthcoming corporate earnings which are expected to be weak coupled with a less positive outlook for interest rates from the FOMC meeting following recent hot US inflation data.
- At home, the FBM KLCI underwent a minor consolidation as profit-taking activities emerged amid a dampened market undertone after a 3-day climb.
- In line with this, both YTL International and YTL Corp closed lower after a solid opening.
- We believe the prevailing trading mode to persist until the outcome from the FOMC is revealed hence we see the index to hover within the 1,540-1,550 range today.
