Daily Market Report (24 January 2024)
- Wall Street closed mixed as profit-taking activities emerged following a mixed bag of corporate earnings.
- Some traders preferred to remained sideline as recent rally was not broad based thus not sustainable.
- As such, the DJI Average lost 96 points while the Nasdaq added 66 points as the US 10-year yield inched higher at 4.132%.
- In Hong Kong, equities rebounded with the HSI ending the day almost 400 points higher.
- Overall sentiment improved after China’s Premier Li Qiang calls for more forceful stimulus by mobilizing 2 trillion Yuan (US$278 bn) to stabilize the Hong Kong market.
- Back home, the FBM KLCI managed to add another 5 points to edge closer to the 1,500 mark as accumulation of stocks remained in a controlled manner.
- We still see the 1,500 mark as a formidable resistance and needs to be broken decisively to maintain the index upward trajectory.
- Thus, for today, we expect the index to hover within the 1,490-1,500range.
- Meanwhile, a rebound amongst the stocks in the small caps saga had certainly ease some blood pressure for now but it will be an uphill battle.
