Daily Market Report (28 December 2023)
- Santa Claus continues to work his magic on Wall Street as all three major indices have reached or approaching their respective all time highs.
- The DJI Average closed on a record high added 111 points while the Nasdaq gained 25 points to a 52-week high.
- Meanwhile, the US 10-year yield declined to 3.789%.
- In Hong Kong, the HSI jumped by 284 points buoyed by the rebound of both Tencent and NetEase coupled with China’s November Industrial profits which doubled amid improving manufacturing activities.
- At home, the FBM KLCI ended higher as some bargain hunting activities emerged.
- The benchmark index closed just below the 1,455 mark as trading remains lacklustre.
- Spurred by the strengthening MYR, interest on local equities seems decent from foreign funds but the upside has been capped by selling from local institutions.
- Notwithstanding this, we reckon the index may still have legs to test the 1,500 level thus expect the index to hover within the 1,455-1,470 range today as the domestic stocks are ripe for pickings especially the Banks.
