Daily Market Report (9 February 2024)
- Wall Street maintained its uptrend as all 3 major indices closed in positive territory amid concerns that it may be unsustainable.
- The DJI Average added 49 points while the Nasdaq gained 37 points as the US 10-year yield inched higher at 4.158%.
- Nonetheless, traders are worried that the current rally may not be supported by the fundamentals.
- Over in Hong Kong, the HSI slumped below the 16,000 mark after China’s consumer price index for January fell steeper than anticipated.
- Back home, the FBM KLCI continues with its consolidation as it ended flat due to some profit taking ahead of the extended CNY break next week.
- Nonetheless, we noticed foreign buying remains rather apparent hence believe the local bourse is well supported at current levels.
- For today, we expect the index to hover within the 1,510-1,520 range.
- Meanwhile, crude oil prices increased as the Gaza conflict intensifies with the Brent crude trending at almost US$82/barrel currently.
