Daily Market Report (5 February 2024)
- Wall Street finished higher on strong tech earnings while January jobs report came in much better than expected.
- The Dow rose 135 points (0.35%) while the Nasdaq surged 267 points (1.7%).
- In Asia, key indices closed higher following positive cue from global equities overnight.
- However, HK stocks in HK remained under pressure due massive selling on real estate stocks.
- As a result, the HSI fell 33 points (0.2%).
- As for the local bourse, the FBM KLCI closed below its day-high due to late selling.
- Nonetheless the benchmark index was able to finish on a positive note.
- We reckon the market undertone is still cautious due to the increasing global volatility, however, the valuation of the FBM KLCI remains attractive, trading at CY24 forward PER of 14.5x against its 5-year average of 17x.
- Thus, we anticipate the benchmark index to trend within the range of 1,510-1,520 for today.
