Daily Market Report (4 March 2024)
- Record chasing Wall Street closed on another high as sentiment remains very much entrenched on the AI frenzy.
- While the DJI Average gained 91 points, both the Nasdaq and S&P500 tested record highs adding 183 points and 41 points respectively.
- Meanwhile, the US 10-year yield eased further to 4.186%.
- In Hong Kong, the HSI closed higher as traders are betting that Chinese authorities will inject more stimulus following another dip in manufacturing activities for February.
- On the home front, the FBM KLCI surprisingly performed quite badly to dip below the 1,540 level after a positive start as profit taking activities emerged despite some decent corporate earnings results.
- Nonetheless, we remain adamant that buying from foreign funds to persist thus expect the local bourse to stage a rebound and hover within the 1,540-1,550 range today.
- Meanwhile, we noticed that daily volume traded has been improving over the last few days illustrating better retail participation.
