Daily Market Report (15 December 2023)
- It was another positive day on Wall Street as the US 10-year yield tumbled to below the 4% level at 3.921% for the first time since August buoyed by the recent dovish statement from the Federal Reserve on interest rates.
- As a result, the DJI Average added 158 points with the Nasdaq closing 28 points higher.
- In Hong Kong, the HSI jumped 173 points as it joined the regional uptrend taking cue from the Fed’s easing rate stance hence giving the business community a sigh of relief.
- Back home, the FBM KLCI rebounded to surge past the 1,450 mark underpinned by broad-based buying.
- We believe buying activities to persist and expect the index to hover within the 1,455-1,465 range today, taking advantage of the attractive valuation of the domestic market.
- Meanwhile, crude oil prices edged higher with the Brent closing above US$76/barrel as demand is seen to improve due to the US economy staying upbeat.
