Daily Market Report (22 February 2024)
- Wall Street closed mixed as the Federal Reserve are not cutting rates anytime soon following a spate of strong economic data of late.
- Thus, while the DJI Average added 48 points, the Nasdaq lost 49 points as traders are waiting for Nvidia’s latest round of earnings that beat expectations after the closing bell.
- Meanwhile, the US 10-year yield inched higher at 4.319%.
- Over in Hong Kong, the HSI continues with its Dragon-rally as it added 255 points as many are expecting more easing on curbs for the property market.
- The HSI had rallied around 750 points after the Lunar New Year break.
- Back home, the FBM KLCI eased slightly but off the day low depicting that the local bourse is still well supported at current levels.
- Hence, following yesterday’s intermittent correction, we believe buyers to return and expect the index to hover within the 1,550-1,560 range today with interests shifting to the Technology and Telcon sectors.
