Daily Market Report (16 November 2023)
- Wall Street continued to climb predominantly fueled by weaker US inflationary data which ultimately indicates the end of the Federal Reserves’ battle with rate hikes.
- Although there are no signs of any rate cut as yet, sentiment remains positive that interest rates may have peaked.
- As such, the DJI Average jumped by 163 points while the Nasdaq added 9 points as the US 10-year yield inched marginally higher at 4.537%.
- Over in Hong Kong, the HSI surged past the 18,000 mark on cooling US economy coupled with the US$137bn rescue package for the property sector.
- Back home, the FBM KLCI maintained its upward momentum underpinned by broad-based buying amid a strong regional performance.
- We believe the accumulation of stocks to persist today thus expect the index to hover within the 1,465-1,475 range.
- Meanwhile, we maintain our view that the benchmark index will close at a year high above the 1,500 level with our 2023 target set at 1,560.
