Daily Market Report (26 March 2024)
- Wall Street ended lower as traders took a breather following a strong rally recently.
- Notwithstanding this, sentiment is turning cautious as many deemed US equities overvalued attributed to the overextended rally.
- As such, the DJI Average lost 162 points while the Nasdaq closed 44 points lower with the US 10-year yield moderated to 4.249%.
- Meanwhile in Hong Kong, the HSI ended the day marginally lower amid concerns on corporate earnings and the volatile Chinese Yuan against the US$.
- On the home front, the FBM KLCI closed in negative territory amid a choppy session dragged by the weak regional performances as the US interest rates debate prolonged.
- Nonetheless, we noticed there remains some accumulation activities on the blue chips that propped the benchmark index above the day low.
- We believe the 1,530 will act as the immediate support at the moment thus expect the index to hover within the 1,535-1,545 amid the lacklustre sentiment.
