Daily Market Report (15 May 2024)
- Wall Street closed on a positive note despite the higher than expected April’s producer price index data as traders prefer to focus on the upcoming CPI due out later today.
- As Over in Hong Kong, the HSI such, the DJIA added 127 points while the Nasdaq jumped by 123 points as the US 10-year yield eased to 4.445%.
- Over in Hong Kong, the HSI ended marginally lower as the index took a breather after a month-long rally that saw the index gaining more than 2,800 points or 17.6%.
- Meanwhile, traders are also looking out for earnings from both Alibaba and Tencent today.
- On the home front, the FBM KLCI maintained its tenacity at stay above the 1,600 mark underpinned by persistent accumulation of blue chips.
- For today, we believe trading participation to be similar as yesterday while waiting for the crucial CPI data from the US.
- Therefore, we expect the index to hover between the 1,600-1,610 range again.
- Meanwhile, crude oil prices have hit a soft patch with the Brent crude now trending at USD82/barrel attributed to build up in US inventory.
