Daily Market Report (23 November 2023)
- Wall Street closed higher after the 10 year treasury yield briefly fell 4.369% on early session and the easing oil price.
- The DJIA rose 185 points (+0.53%) while Nasdaq advanced 66 points (+0.46%).
- In Hong Kong, the HSI finished flat ended the day without much change, reflecting the negative sentiment on Wall Street due to the Federal Reserve's November meeting minutes, which indicated a likelihood of maintaining higher interest rates for an extended duration.
- On the domestic front the FBM KLCI ended lower with selling mainly on commodity related stocks.
- We expect accumulation to persist given the attractive valuations of the local equities accompanied by the improved sentiment following the rally on Wall Street overnight.
- As such, we expect the benchmark index to trend higher within the range of 1,455-1,465 for today.
- Meanwhile Brent crude oil slipped 0.38% to US$81.65 per barrel.
