Daily Market Report (8 May 2024)
- Wall Street barely maintained its ongoing uptrend as traders are still waiting for more clues as to when the Federal Reserve will adjust interest rates.
- Meanwhile, some funds are already cashing out looking at cheaper alternatives, namely Asia.
- As such, the DJI Average gained 32 points while the Nasdaq lost 17 points from late selling as the US 10-year yield eased further to 4.461%.
- In Hong Kong, despite a strong tourism data during the Labour Day break, profit taking activities saw the HSI closing almost 100 points lower following a decent run-up recently.
- Back home, the FBM KLCI finally broke the 1,600-barrier underpinned by continuous accumulation in the blue chips by foreign funds.
- Though we would prefer the ascension to persist, an intermittent correction may occur allowing the market to digest recent solid performance which is deem healthy.
- Therefore, we believe the index to hover between the 1,600-1,615 range today with the 1,600 as the immediate psychological support.
