Daily Market Report (11 December 2023)
- Wall Street trended broadly higher as traders are looking at the Federal Reserves reaction towards a slew of positive economic data.
- The higher than expected job data coupled with improving consumer sentiment may indicate that the US economy be recessionary for the time being.
- Therefore, the DJI Average jumped 130 points while the Nasdaq gained 64 points as the US 10-year yield inched higher at 4.229%.
- Over in Hong Kong, the HSI ended slightly lower as sentiment remains affected by China’s import contraction which reduces the appetite for Hong Kong equities.
- Back home, the FBM KLCI closed on a flat note to stay just above the 1,440 level due to the lack of catalysts and regional weaknesses especially from China and that Japan may reverse its low interest rate policy.
- Expectations of bargain hunting and window dressing activities are still absent but may emerge anytime soon.
- Nonetheless, we noticed market’s undertone is still cautious hence do not anticipate any strong run-up.
- As such, we reckon the index to hover within the 1,440-1,450 range today.
