Daily Market Report (29 April 2024)
- Wall Street ended the week on a strong note buoyed by robust earnings from both Alphabet and Microsoft while dispelling initial concerns over slower US economic growth and sticky inflation.
- As such, the DJI Average gained 154 points while the Nasdaq rallied 316 points as the US 10-year yield eased slightly to 4.663%.
- Over in Hong Kong, the HSI jumped 366 points as confidence seems to be back underpinned by policies to boost the market coupled with positive corporate earnings.
- On the home front, the FBM KLCI closed on a YTD high as bargain hunters returned to the local bourse.
- For today, we expect the index to maintain its upward trajectory hence anticipate the index to hover between the 1,575-1,585 range with buying interests possibly focused on the Banks.
- Meanwhile, crude oil prices are expected to trend higher in view of the escalating tension in the Middle East and lower inventory that saw the Brent crude to close at US$89.50/barrel.
