Daily Market Report (26 October 2023)
- Wall Street closed lower following a choppy session as sentiment was impacted by disappointing earnings from Alphabet amid increasing US yields.
- As such, the DJI Average declined by 105 points while the Nasdaq slumped by 319 points as the US 10-year yield rebounded to 4.961%.
- In Hong Kong, the HSI added 94 points to close above the 17,000 mark after China unveiled for massive infrastructure spending in a bid to boost the country’s stuttering economy.
- On the home front, the FBM KLCI rebounded from broad based bargain hunting activities partly also due to stronger regional performances.
- Nonetheless, we believe sentiment to remain cautious as we head towards heightening volatility environment mainly from the US thus expect the index to stay disciplined and hover within the 1,440-1,450 range today.
- Yesterday’s decline amongst the construction players may present some buying opportunities today.
