Daily Market Report (26 April 2024)
- Wall Street tumbled as traders were spooked by lower latest US economic growth amid a persistently high inflation rate thus adding more headaches for the Federal Reserve.
- In view of this, the DJI Average declined 375 points while the Nasdaq lost 101 points with the US 10-year yield closing higher at 4.704%.
- Nonetheless, stock futures rose on the back of solid earnings released by both Alphabet and Microsoft during after-hour activities.
- In Hong Kong, the HSI maintains its uptrend but off the day’s high as foreign funds are raising their allocation for Chinese assets buoyed by recent pledge from the Chinese authority to support the Hong Kong market.
- Back home, the FBM KLCI eased marginally after touching a YTD high due to some profit taking activities of which is deemed healthy.
- As such, we believe the local bourse may have more legs to trend higher hence expect the index to hover between the 1,565-1,575 range today.
- Meanwhile, the crude palm oil fell to below the US$3,900/tonne to a 2-month low in line with the drop in other edible oils.
