Daily Market Report (15 November 2023)
- Wall Street rallied as traders cheered October’s consumer price index (CPI) which came in lower than expected.
- Core CPI that excludes food and energy prices actually rose the slowest in 2 years suggesting the Feds will end its interest rate hike campaign for good.
- Therefore, the DJI Average jumped 490 points while the Nasdaq added 327 points as the US 10-year yield eased to 4.453%.
- Over in Hong Kong, the HSI closed marginally lower as investors were mainly side-lined ahead of US inflation report.
- The index dipped 29 points to just below the 17,400 mark.
- On the local front, the FBM KLCI rebounded attributed to bargain hunting activities following last week’s erratic trading pattern.
- In line with the optimism from the US, we expect the index to maintain its positive momentum thus anticipate the index to trend within the 1,455-1,465 range today.
- Meanwhile, Plantation stocks could see some buying interests today as crude palm oil (CPO) price improved to above the RM3,900/tonne level due to higher imports from India.
