Daily Market Report (3 January 2024)
- Wall Street closed on a mixed note as the recent massive rally may have seen some market indigestions as valuations outpaced fundamentals.
- This is further aggravated to Barclays downgrade on Apple which saw the stock decline by 3%.
- As such, the DJI Average gained 25 points while the Nasdaq lost 245 points with the US 10-year yield inched higher to 3.941%.
- Over in Hong Kong, the HSI started the new year on a weak note as sentiment remains cautious following the latest economic data from China which showed uneven recovery and that overall confidence is still subdued.
- On the home front, the FBM KLCI settled lower as trading remains lacklustre over a mixed regional performance.
- Additionally, some rumblings on the political scene further set aside interests on the local bourse.
- Notwithstanding this, we believe the time is right to nibble on some Banking and Construction stocks as we noticed more jobs are in the pipeline thus expect the index to trend within the 1,450-1,460 range today.
