Daily Market Report (14 December 2023)
- Wall Street rallied as the DJI Average closed at a record high above the 37,000-level following the Federal Reserve’s forecasts that it will cut interest rates 3 times in 2024 amid the slowing inflation trend.
- Meanwhile, the Nasdaq added 200 points as the US 10-year yield eased to 4.024% or around a 4-month low.
- Over in Hong Kong, the HSI retreated after losing 145 points to end at a YTD low following the lack of new measure to aid the troubled property sector during China’s policy meeting recently.
- Back home, the FBM KLCI ended flat as the accumulation of blue chips remains prevalent.
- Taking the positive cue from Wall Street, we believe the local bourse’s performance to improve and expect the index to hover within the 1,450-1,460 range today.
- We expect buying interests will focus on the Banks, Telcos and possibly Construction stocks.
- Meanwhile, crude oil prices rebounded attributed to lower inventory as the Brent crude closes above the US$74.50/barrel.
