Daily Market Report (10 May 2024)
- Wall Street closed higher amid a weaker job environment that saw the latest jobless claims at its highest level since August last year rekindling hopes that the Federal Reserve may lower interest rates soon.
- As such, the DJI Average jumped 331 points while the Nasdaq added 43 points as the US 10-year yield eased marginally to 4.459%.
- Over in Hong Kong, the HSI also displayed a decent performance buoyed by solid China’s trade data and the lifting of home buying restrictions in Hangzhou raising hopes that others will follow suit.
- Back home, the FBM KLCI ended in negative territory after a strong opening yesterday as sellers maintained their dominance after the recent rally.
- Nonetheless, we deemed this as a healthy correction and expect the index to reverse its direction anytime soon.
- Therefore, we believe the benchmark index to trend between the 1,600-1,610 today with interests returning to the Construction and Telco segments.
- Meanwhile, we are Neutral on BNM’s widely expected move to maintain the OPR at 3% yesterday.
