Daily Market Report (30 April 2024)
- Wall Street continued with its uptrend boosted by solid corporate earnings report, but Tesla was the day’s hero after it cleared the first hurdle for full self-driving technologies in China.
- Nonetheless, rotational plays amongst the mega tech stocks were evident with McDonald’s, Coke and Amazon earnings still to come.
- As such, the DJI Average gained 146 points while the Nasdaq added 55 points with the US 10-year yield easing further to 4.612%.
- In Hong Kong, the HSI added another 96 points or improved by almost 19% from its YTD low in mid-January.
- The revitalisation of the Hong Kong market can largely thanks to China’s new measures to boost sentiment plus the improving corporate earnings.
- Back home, the FBM KLCI ended at another YTD high underpinned from broad-based buying on blue chips and surprisingly Banks were not the preferred ones.
- Nonetheless, we believe this offers good opportunities to buy some banking stocks as interest will eventually return to the sector.
- For today, we expect the index to hover between the 1,580-1,590 range and we will be closed for Labour Day tomorrow.
