Daily Market Report (18 December 2023)
- Wall Street closed mildly positive as traders remained sidelined following a strong performance of late amid the buzz of easing interest rates.
- As such, the DJI Average gained 57 points while the Nasdaq added 52 points with the US 10-year yield dipped marginally to 3.915%.
- Over in Hong Kong, the HSI jumped 390 points to end nearly at the 16,800 mark predominantly due to the softer interest rate scenario as opted by the Federal Reserve.
- Additionally, sentiment was further boosted by China’s latest measures to lower ratios on home repayments and extending deadlines for mortgages.
- Back home, the FBM KLCI closed above 1,460 underpinned by buying activities during the afternoon session.
- We reckon there is staying power for the local bourse as diversification of funds may prevail since many will look for values especially amongst the emerging markets thus expect the index to climb further and hover within the 1,460-1,470 range today.
