Daily Market Report (24 November 2023)
- Wall Street was closed for Thanksgiving Day.
- Meanwhile, key regional markets finished mostly higher, with strong gains in China and Hong Kong due to late buying, particularly in real estate stocks.
- The HSI gained 176 points or 1% as sentiment improved over Beijing's financing support for the property sector.
- As for the local bourse, the FBM KLCI pared losses as bargain hunting emerged after the index fell to its day low of 1,451.35.
- Nonetheless, the benchmark index still ended in negative territory.
- We remain vigilant despite the rebound in regional markets.
- Notwithstanding this, we believe the local market is undervalued, providing opportunities for investors to accumulate stocks at attractive levels.
- We anticipate the FBM KLCI to trend within the 1,450-1,460 range for today.
