Daily Market Report (28 February 2024)
- Wall Street closed mixed as overall sentiment remains directionless as traders are waiting for the latest inflation data to be released later this week.
- As such, the DJI Average lost 97 points while the Nasdaq added 59 points as the US 10-year yield edged higher at 4.303%.
- In Hong Kong, the HSI jumped 156 points after a weak opening as traders speculated that there will be more stimulus to prop up the property market following a decline in home prices for the 9th month.
- At the home front, the FBM KLCI surged to almost the 1,560 level supported by strong buying from foreign funds especially on the Utilities sector spearheaded by the YTL Group.
- Despite the benchmark index improving by more than 100 points YTD, we believe there is still upside potential as prevailing uptrend is merely a catch-up process after a multi-year of underperformance.
- For today, we expect the index to hover within the 1,555-1,565 range.
