Daily Market Report (17 November 2023)
- Wall Street closed on a mixed note as it took a breather from the recent rally.
- Traders are concerned if stock prices may have outpaced fundamentals.
- As such, while the DJI Average lost 46 points, the Nasdaq ended almost 10 points higher as the US 10-year yield eased further to 4.441%.
- In Hong Kong, the HSI tumble by almost 250 points as traders were no encouraged by the recent highly anticipated Xi-Biden meeting.
- In addition, EV maker Xpeng was sold down following a wider quarterly losses.
- Back home, the FBM KLCI failed to sustain Wednesday’s uptrend as sellers overwhelmed buyers amid a weak regional performance.
- Nonetheless, the index managed to close off day’s low underpinned by some late buying activities.
- We reckon the local bourse to trend within a narrow range today with some upside bias hence expect the index to hover between the 1,460-1,470 range.
