Daily Market Report (9 May 2024)
- Wall Street ended on a mixed note as traders are now converted into value seekers instead of hype investing.
- Although AI remains the main investing theme, steep valuations may deter interests.
- Thus, though the DJI Average added 182 points, the Nasdaq slid by 30 points as the US 10-year yield inched slightly higher at 4.50%.
- In Hong Kong, the HSI declined as consolidation persists following the recent rally and ahead of China’s trade data where many are expecting a recovery.
- Back home, the FBM KLCI closed flat despite encountering some selling pressure in the afternoon session.
- Nonetheless, we view that yesterday’s intermittent correction as healthy and may act as a solid foundation for the local bourse’s ongoing uptrend.
- For today, we expect the index to hover between the 1,600-1,615 as we believe foreign funds will continue to snap up local heavyweights, namely the Banks and Telcos which are still trading at attractive valuations.
