Daily Market Report (8 April 2024)
- Wall Street rebounded as traders decided to cheer on the strong job data and ignore the prospects of more delay in interest rates cut for the time being.
- As a result, the DJIA gained 307 points while the Nasdaq added 199 points as the US 10-year yield edged higher at 4.40%.
- Over in Hong Kong, the HSI closed flat but off the day’s low over the uncertainty on the Federal Reserve’s stance on rate adjustment.
- Back home, the FBM KLCI maintained its resilience to end positively despite the weak regional performance.
- Despite the positive reaction from Wall Street, we believe sentiment to stay cautious hence expect the index to hover within the 1,550-1,560 range today.
- Buying interests should shift to the Energy sector in line with the solid Brent crude price that closed above the US$91/barrel level.
