Daily Market Report (9 January 2024)
- Wall Street rebounded as bargain hunting activities emerged after a tough week.
- Technology stocks led the gainers with the Nasdaq adding 320 points while the DJI Average was 217 points higher as the US 10- year yield eased marginally to 4.027%.
- Over in Hong Kong, the HSI maintained its worst start to a new year losing a further 311 points as outlook for China remains bleak.
- Back home, the FBM KLCI continued with its impressive start for 2024 as foreign funds continue mopping up local equities.
- Though the 1,500 level may act as the immediate psychological resistance, we believe this to be breached anytime soon in view of recent improving daily trading volume.
- Thus, we anticipate the index to hover within the 1,490-1,500 range today.
- Meanwhile, crude oil prices declined following the price cut by Saudi Arabia amid weakening demand.
- As such, the Brent crude dipped to around US$76/barrel.
