Daily Market Report (4 April 2024)
- Wall Street closed on a mixed note after a choppy session as sentiment remains affected by the uncertainty over the timing if and when the Federal Reserve will adjust interest rates.
- We believe funds will continue to shift into commodities, especially metals and energy at the expense of equities.
- As a result, the DJI Average lost 43 points while the Nasdaq added 37 points as the US 10-year yield eased marginally to 4.351%.
- Over in Hong Kong, the HSI declined by 206 points led by banking and property stocks as hopes for a rate cut in the US was dampened.
- On the domestic front, the FBM KLCI dipped below the 1,540 level as sellers came out in force in line with the regional weaknesses.
- Though we noticed some buying activities, the financials took the brunt of the selling, hence the overall decline in the index.
- Nonetheless, we expect some bargain hunting activities today thus expect the index to hover within the 1,540-1,550 range.
- Meanwhile, Gold charted another record high while the uptrend of the CPO futures remains intact to within the RM4,400/tonnes.
