Daily Market Report (2 April 2024)
- Wall Street kicked off the 2Q on a mixed note as sentiment remains affected by the stronger than expected inflation data rendering the Federal Reserve in no hurry to cut rates.
- While the DJI Average dropped 240 points, the Nasdaq added 17 points as the US 10-year yield eased marginally to 4.317%.
- Hong Kong market will resume trading today.
- Back home, the FBM KLCI closed broadly higher to almost the 1,545 mark.
- We believe recent continuous accumulation by the local institutions a good sign as this should only force the foreign funds to buy at higher levels when they return.
- As for the benchmark index, it needs to break the 1,550 level decisively to sustain its 2nd leg of uptrend hence we expect it to hover the 1,545-1,555 range today.
- Meanwhile, Gold prices has touched an all-time high at US$2,254/oz as traders began their shift from equities.
