Daily Market Report (4 January 2024)
- Wall Street ended broadly lower from profit taking activities as sentiment will now be dictated by the interpretations of the Federal Reserve stance on interest rates.
- As a result, the DJI Average lost 284 points while the Nasdaq declined by 174 points mainly due to the sell-down on Apple following a downgrade.
- Meanwhile, the US 10-year yield dipped slightly to 3.92%.
- Over in Hong Kong, the HSI maintained its downtrend over the slump on Wall Street and the expectations on interest rates.
- Pessimism over China’s economic recovery also fueled the selling on the HKSE.
- At home, the FBM KLCI finally reversed its decline to close above the 1,460 level as bargain hunters appeared during the afternoon session.
- For today, we reckon accumulation of stocks to persist and maintain that Banks should stay in the limelight.
- As such, we expect the index to hover within the 1,460-1,470 range today with the 1,465.
