Daily Market Report (20 November 2023)
- Wall Street ended barely in positive territory as traders began to digest the recent rally combined with mixed comments from the Feds officials on the outlook of inflation in the US.
- As a result, the DJI Average edged up 2 points while the Nasdaq inched 12 points higher with the US 10-year yield remaining flattish at 4.439%.
- Over in Hong Kong, the HSI slumped by almost 380 points mainly dragged down by the sell-down on Alibaba after it scrapped plans to spin off its cloud-computing business amid the heightened tech war coupled with Jack Ma’s intention to reduce his stake later this month.
- Back home, the FBMKLCI continued to slide due to broad based selling.
- Though we noticed 1,460 as the immediate psychology support level, we reckon this as a weak link thus expect the index to possibly hover between the 1,455-1,465 range today predominantly from the lack of positive catalysts.
- Meanwhile, the Brent crude price rebounded to US$80/barrel but traders remain unconvinced as global demand is expected to weaken.
