Daily Market Report (23 January 2024)
- Wall Street continued with its uptrend as traders largely ignored if the US economy will be able to engineer a soft landing amid a mixed bag of economic indicators.
- Nonetheless, as all 3 major indices are hovering at their respective all time highs and it will be interesting to see if prevailing fundamentals are able to sustain the rally.
- Meanwhile, the US 10-year yield ended slightly lower at 4.107%.
- Over in Hong Kong, the HSI lost further ground as it closed below the 15,000 mark as the sell-down on property stocks gained traction after the PBOC left the loan prime rate unchanged.
- On the home front, the FBM KLCI ended yesterday’s session firmer following a slow start attributed to some bargain hunting activities.
- We are hopeful that the index can break the 1,500 level decisively soon in order to maintain the upward trajectory.
- For today, we believe the index will hover within the 1,490-1,500 range taking the positive cue from Wall Street.
