Daily Market Report (24 April 2024)
- Wall Street closed higher as confidence was buoyed by a spate of solid corporate earnings which many see as a precursor of those from the mega caps which will be reported over the next few days.
- As such, the DJI Average jumped 264 points while the Nasdaq added 245 points while the US 10-year yield eased to 4.607% due to a latest US manufacturing data which hit a 4-month low.
- Over in Hong Kong, the HSI gained to almost the 17,000 level as traders welcomed China’s latest reforms to boost the Hong Kong market coupled with optimism of corporate earnings from major tech companies.
- On the home front, the FBM KLCI closed on a positive note but off the day’s high attributed to late profit takings.
- The local benchmark index managed to test a YTD high but failed to sustain the uptrend.
- Buying was broad based and we believe the Construction, Finance and Telco sectors to be centre of buying interests today thus expect the index to hover within the 1,560-1,570 range.
