Daily Market Report (21 November 2023)
- Wall Street ended steeply higher, predominantly from renewed interests on tech related stocks namely Microsoft and Nvidia.
- Sentiment was also fueled by the cooling inflation data that saw a declining bond yield.
- As a result, the DJI Average gained 204 points while the Nasdaq jumped by almost 160 points as the US 10-year yield eased marginally to 4.424%.
- Over in Hong Kong, the HSI added 324 points on optimism that the Chinese regulators will support the financial activities by property developers in a bid to stabilize economic growth.
- Back home, the FBM KLCI continued to slide as the FBM KLCI tested the 1,455 level due to selling activities across the board.
- Nonetheless, we are confident that earnings especially from the Banks which are expected to remain solid for the CY2023 may entice buyers back thus anticipate the index to hover within the 1,455-1,465 range today.
- The Ringgit is also heading higher against the greenback currently at RM4.66/US$1, which is a 2-month high.
