Daily Market Report (23 April 2024)
- Wall Street rebounded as sentiment improves after Iran said that it will not escalate the conflict with Israel.
- Meanwhile, earnings reports, GDP and personal consumption expenditure data for March will all be out this week that will be crucial for the Federal Reserve’s stance on interest rates.
- As a result, the DJI Average rose 253 points while the Nasdaq added 169 points as the US 10-year yield eased marginally to 4.611%.
- In Hong Kong, the HSI jumped by almost 290 points after Chinese regulators unveiled a series of market reforms to enhance the city’s status as an international financial hub.
- Back home, the FBM KLCI surprisingly closed on a strong note at almost the 1,560 mark underpinned by a rather solid regional performance.
- We suspect there may be some bargain hunting activities by foreign funds following an exodus over the past few weeks.
- Hence, we believe the index may see more upside after the rebound from US equities overnight and expect it to hover within the 1,555-1,570 range today.
