Daily Market Report (22 November 2023)
- Wall Street fell on Tuesday as traders began to assess the Federal Reserve minutes which did not mention any rate cut.
- Instead, it indicated that the policy would remain restrictive amid concerns inflation may return.
- As such, the DJI Average lost 63 points while the Nasdaq declined by 85 points with the US 10-year yield sliding to 4.398%.
- In Hong Kong, the HSI closed on a weak note reversing earlier gains as Chinese investors turned to profit taking mode despite the Chinese Yuan strengthened to a 4-month high.
- The HSI managed to trend above the 18,000 mark in the earlier session before selling emerged to pressure the index lower.
- Back home, the FBM KLCI rebounded and managed to hover above the 1,460 level throughout the day from bargain hunting on stocks that were trashed down previously namely the Telcos and Energy sectors.
- For today, we reckon sentiment to stay cautious thus expect the index to trend between the 1,460-1,465 range today.
