Daily Market Report (25 March 2024)
- Wall Street closed mixed amid the uncertainties over interest rates despite dovish comments by the Federal Reserve on interest rates during the recent FOMC meeting.
- Therefore, despite the DJI Average losing 305 points, the Nasdaq was up 27 points with the US 10-year yield easing to 4.202%.
- Over in Hong Kong, the HSI declined by 191 points over concerns of corporate earnings and latest moves by US lawmakers to restrict US funds investing in certain Chinese entities.
- Back home, the FBM KLCI managed to end marginally higher mainly attributed to late buying in Banking stocks.
- Though sentiment remains cautious, the average daily volume surpassed the 5bn shares level, mainly due to strong accumulation in counters within the Construction and Property sectors.
- Taking cue from the uncertainty on Wall Street, we believe trading on the local bourse to be stuck in a tight range of between 1,535-1,545 today.
