Daily Market Report (22 March 2024)
- Wall Street finished higher after the Federal Reserve reiterated its forecast of three rate cuts for the year.
- Yesterday's movements followed a triumphant day on Wall Street, with the three major indexes hitting new closing highs.
- Notably, the S&P 500 surged above 5,200 for the first time.
- Concurrently, the Dow soared by 0.68%, settling just below the 40,000 mark.
- In Hong Kong, the HSI closed sharply higher with strong buying in tech stocks as Beijing announced fresh measures to support the economy.
- As for the local bourse, the FBM KLCI rebounded as bargain-hunting activities emerged following the earlier sell-off.
- We believe that buying in local stocks will continue following the news on the rate, which strongly lifted investor sentiment.
- As such, we anticipate the benchmark index to trend within the range of 1,540-1,550 for today.
