Daily Market Report (12 December 2023)
- Wall Street continue with its positive momentum as all 3 major indices closed on a high on expectations that the Federal Reserves is able to balance inflation and strong job data into a soft-landing scenario.
- As such, the DJI Average added 157 points while the Nasdaq gained 28 points with the US 10-year yield edging higher at 4.237%.
- Over in Hong Kong, the situation looks less promising as the HSI lost 133 points hanging just above the 16,000 mark as fears of a deflation in China following the 0.5% drop in consumer prices in November that would potentially affect corporate earnings growth going forward.
- As for the local bourse, some late bargain hunting activities managed to pull the FBM KLCI out from its rut as it ended above the 1,445 level.
- In view of this, we may even see window dressing activities to prevail as we approach the final 2 trading weeks for 2023.
- Therefore, we expect the index uptrend to persist and expect it to trend within the 1,445-1,455 range today.
- Following recent pull-back, there could be some buying interest back on the Construction and Technology counters today.
