Daily Market Report (14 May 2024)
- Wall Street ended on a mixed note as traders remain wary from a host of economic indicators which are due out namely the producer price index by today and the consumer price index tomorrow.
- As a result, the DJIA lost 81 points while the Nasdaq rebounded by 47 points with the US 10-year yield remaining stagnant at 4.49%.
- Over in Hong Kong, the HSI breached the 19,000 level to a 9-month high as optimism on loosening restrictions on the property sector and improving corporate earnings.
- Meanwhile, the latest weak credit data from China also prompted hopes of a possible cut in lending rates.
- Back home, the FBM KLCI closed slightly higher amid on a cautious note in line with regional performance while waiting for the US economic data.
- Nonetheless, we believe the market undertone to stay solid as accumulation of stocks continues thus expect the index to hover between the 1,600-1,610 range today.
- We also noticed that earnings reported so far have been encouraging and should act as a prelude for more strong earnings ahead.
