Daily Market Report (24 August 2023)
- Wall Street closed on firmer ground as the US 10-year yield eased to 4.198% coupled with the ongoing artificial intelligence craze (AI) craze especially on Nvidia.
- As a result, the DJI Average 184 points while Nasdaq gained 215 points.
- In Hong Kong, the HSI added 55 points as sentiment improved somewhat as investors retain their hopes of more fiscal stimulus amid a mixed bag of corporate earnings.
- Back home, following a solid performance over the past 2 weeks, the FBM KLCI declined as investors took the opportunity to take profit on concerns over China’s economic condition.
- Though such correction is deemed healthy, we reckon an immediate rebound is imminent as bargain hunting activities should emerge anytime soon.
- Therefore, we anticipate the index to hover between the 1,440-1,450 range today.
- Meanwhile, as earnings announcements picked up pace, we noticed that Plantation stocks as expected had so far been affected by the lower CPO prices.
