Daily Market Report (5 March 2024)
- Wall Street retreated as traders were sidelined after a record breaking run amid the ongoing rally within the AI frenzy.
- Interests are shifted to the Federal Reserve updates on its policy over the next 2 days to gauge the outlook for interest rates.
- As such, the DJI Average declined by 97 points while the Nasdaq fell 67 points as the US 10-year yield edged higher at 4.217%.
- In Hong Kong, the HSI ended off the day’s low as focus moved to China’s annual legislative session today to determine the government budgets to tackle the sluggish Chinese economy.
- At home, the FBM KLCI closed above water attributed to last minute buying activities after a solid performance during the morning session.
- We see market undertone has turned cautious with investors looking for fresh leads hence expect the index to hover within the 1,545-1,555 range today as daily volume shrunk to the 3bn shares level.
