Daily Market Report (22 April 2024)
- Wall Street close mixed amid mounting tension in the Middle east.
- Confidence is further eroded over the interest rate uncertainty coupled with earnings of some mega caps this week that should instigate some profit taking activities.
- As such, though the DJI Average added 211 points, the Nasdaq lost 319 points as the US 10-year yield eased marginally to 4.621%.
- The situation in Hong Kong was also unpromising with the HSI losing 162 points as traders sold equities in favour of safe haven namely gold.
- Back home, the FBM KLCI managed to close positively underpinned by accumulation from local institutions amid a regional bloodbath.
- Nonetheless, we believe trading to be muted today as sentiment would have turned cautious in view of the heightened volatility.
- Therefore, we expect the index to hover within the 1,540-1,550 range today.
