Daily Market Report (29 February 2024)
- Wall Street ended lower as traders were sidelined ahead of the personal consumption expenditure data that is due later today.
- As a result, the DJI Average closed 23 points lower while the Nasdaq declined by 88 points as the US 10-year yield dipped to 4.266%.
- Over in Hong Kong, the HSI lost 254 points, the worst in 4 weeks as traders decided to lock in profits.
- Nonetheless, Hong Kong developers received a boost following the lifting of curbs on property transactions.
- Back home, the FBM KLCI closed broadly lower as profit taking activities surfaced after recent uptrend amongst the blue chips.
- We find the selling a tad overdone as investors decided to lock in profits especially for the Utilities sector following recent strong performance.
- We reckon a swift rebound is required to maintain recent upbeat sentiment so to carry the index further.
- Therefore, we expect the index to possibly hover within the 1,545-1,555 today.
