Daily Market Report (23 February 2024)
- Wall Street finished higher with strong buying in tech stocks after Nvidia reported much stronger-than expected quarterly results, lifting both the broader market and the tech sector.
- The Dow gained 1.2% while the Nasdaq jumped almost 3% (461 points). In Asia, major indices closed higher due to late buying.
- The Hong Kong market ended higher, driven by buying in tech stocks and strong corporate earnings, with the Hang Seng Index surging 240 points (1.45%).
- As for the local bourse, the FBM KLCI finished lower as profit-taking activities continued following the recent strong gains.
- Nonetheless, we perceive the profit-takings as a healthy correction, allowing the market to digest the recent uptrend and offering the opportunity to accumulate stocks at lower levels.
- As such, we anticipate the benchmark index to trend within the range of 1,540-1,550 for today.
