Daily Market Report (30 January 2024)
- Wall Street closed broadly firmer ahead of some mega-cap tech earnings and economic data to be released soon.
- Meanwhile, many are also expecting the FOMC to maintain interest rates when they meet later today.
- As such, the DJI Average gained 224 points while the Nasdaq jumped by 173 points with the US 10-yeat yield eased slightly to 4.076%.
- Over in Hong Kong, the HSI continued with its rebound to close above the 16,000 level but off the day’s high following the court sending China’s Evergrande into liquidation.
- Back home, the FBM KLCI maintained its upward trajectory underpin by a more consistent inflow of foreign funds of late.
- Now that the benchmark index has broken the 1,500 mark rather decisively, we believe there are more legs for the index to go with the 1,600 as the next strong resistance.
- Thus, we expect the index to hover within the 1,515-1,525 range today amid a more conducive environment whereby regional central banks are maintaining their respective interest rates so far.
