From conversations we had yesterday, it was clear that one large down day was enough for investors to question the valuation of the local market around the 7700 level. Our answer has been consistent since the market spiked under 7000 in late 2023 – “don’t look at the index; focus on individual stocks and sectors” because overall selling across the market often provides excellent opportunities to accumulate quality stocks. We believe the macro backdrop will support equities through 2024 as we frequently hear and see, not all boats will float as one.
