Daily Market Report (2 November 2023)
- Wall Street staged a mini rally following the US Fed decision to pause rate hike during its latest FOMC meeting yesterday.
- Nonetheless, the Fed stressed that it will be open for assessment of the economic situation come the next FOMC in mid-December.
- As such, the DJI Average gained 221 points while the Nasdaq jumped by 210 points with the US 10-year yield easing to 4.734%.
- In Hong Kong, the HSI closed marginally lower from selling on BYD and some major tech companies namely Alibaba and JD.com as traders were mostly sidelined, waiting for the policy decision from the US Fed.
- At home, the FBM KLCI closed broadly lower attributed to selling activities during the late session.
- Nonetheless, we believe the local bourse to stage a rebound today taking cue from Wall Street and no rate hike thus expect the index to hover within the 1,440-1,450 range as bargain hunting should emerge on the Banks, Telco and Utilities ahead of the impending results season.
