Daily Market Report (27 November 2023)
- Wall Street ended mixed supported by retailers as Black Friday kicked off the holiday shopping season.
- Meanwhile, traders were mainly sidelined waiting for economic data due later this week.
- As a result, although the DJI Average gained 117 points, the Nasdaq declined by 15 points whilst the US 10-year yield edged higher at 4.472%.
- Over in Hong Kong, the HSI dipped 351 points on concerns over weak corporate earnings signals.
- Meanwhile, speculations over family rift on succession plans saw Chow Tai Fook share price tumbled by 11%.
- Back home, the FBM KLCI closed on a flat note as trading activities remained lacklustre due to the regional weaknesses.
- The domestic market undertone is still cautious as we head into the final leg of corporate earnings reporting, which so far has been quite decent.
- Reflecting the ongoing market volatility, we believe the benchmark index to hover within the 1,450-1,460 range today, expecting some interests on the Plantation stocks with many reporting improving margins from better cost controls.
