Daily Market Report (14 November 2023)
- Wall Street closed on a mixed note as traders are looking at October’s consumer price index (CPI) which is due later today.
- Meanwhile, overall sentiment was also affected by Moody’s latest cut in its rating outlook on the US attributed to the huge fiscal deficit and political bickering.
- Hence, despite the DJI Average adding 55 points, the Nasdaq lost 30 points with the US 10-year yield remaining flat at 4.642%.
- In Hong Kong, the HSI jumped 223 points on optimism over the easing political tension due to the impending Xi-Biden meeting.
- The local bourse was closed for Diwali celebration yesterday.
- For today, we believe the FBM KLCI will stay stuck within a narrow range of between 1,440-1,450 as investors are expected to remain sidelined.
- Nonetheless, we may see some accumulation on Plantation and Telco stocks today following a sudden sell-down last Friday.
