Daily Market Report (8 February 2024)
- Wall Street rallied underpin by robust corporate earnings and guidance especially from the tech mega caps illustrating healthy consumer spending amid a resilient US economy.
- As such, the DJI Average added 156 points while the Nasdaq gained 148 points.
- On the flipside, the Federal Reserve may not adjust interest rates lower anytime soon with the US 10-year yield inching higher at 4.115%.
- In Hong Kong, the HSI retreated slightly amid some profit taking activities following a sharp spike up the day before.
- Nonetheless, traders are confident that market sentiment to stay strong attributed to strong corporate earnings especially from Alibaba.
- Back home, the FBM KLCI ended flat as overall sentiment remains cautious.
- We noticed daily volume traded has shrunk to previous levels averaging around 3bn shares depicting the lack of trading interests especially from the retailers.
- However, as buying from foreign funds continues, this hopefully may cascade down to the smaller cap stocks.
- For today, we expect the benchmark index to hover within the 1,510-1,520 range.
