Daily Market Report (7 March 2024)
- Wall Street closed higher as sentiment improved over the Federal Reserve’s comments that interest rates will be cut this year despite borrowing costs to remain high going forward.
- Nonetheless, share prices of regional banks swung wildly following New York Community Bancorp US$1bn capital raising.
- As such, the DJI Average gained 76 points while the Nasdaq added 92 points as the US 10-year yield slid to 4.108%.
- In Hong Kong, the HSI rebounded by 275 points as led by the tech sector as foreign funds outflow slowed after disappointments over China’s recent stimulus package.
- On the home front, the FBM KLCI weakened further due to broad-based selling to remain just above the 1,530 mark as investors remain sidelined.
- Nonetheless, we reckon the local bourse to experience a rebound today, taking cue from the better performance in the US hence expect the index to trend within the 1,530-1,540 range.
- Meanwhile, crude palm oil price trended above the RM4,000/tonne that may see sustain interests on the Plantation sector.
