Daily Market Report (8 January 2024)
- Wall Street finished broadly higher last Friday due to bargain hunting following the recent sell-off.
- The DJIA gained 26 points or 0.07%, while Nasdaq added 14 points or 0.1%.
- In Asia, key indices ended mixed, however selling of tech stocks continues in HK while at the same time, sluggish real estate market exerted pressure on property stocks.
- As a result, the HSI dipped by 111 points or 0.66%.
- On the home front, the FBM KLCI continues to trend higher with strong buying on energy and banking stocks.
- We expect buying on local stocks to persist, given the strong support from foreign funds and improved market sentiment, although we do not discount the possibility of profit-taking activities.
- We anticipate that the FBM KLCI will trend within the range of 1,485-1,495 for today.
