Daily Market Report (28 November 2023)
- Wall Street closed marginally lower as traders took a breather following a solid performance this month.
- As such, the DJI Average lost 57 points while the Nasdaq ended 10 points lower with the US 10-year yield dipping to 4.39%.
- Meanwhile, despite warnings from major retailers that consumer spending is weakening, many took this as a positive sign that the Federal Reserve’s tightening may have achieved the desirable effects in slowing inflation.
- Over in Hong Kong, the HSI declined 34 points as sentiment remain cautious ahead of China’s economic report which should suggest a slowdown from the lack of stimulus.
- Meanwhile, BYD shares tumbled amid a price war amongst the EV makers.
- On the home front, the FBM KLCI closed below the 1,450 level as trading remained lacklustre due to the lack of fresh catalysts coupled with weak performances across the region.
- Nonetheless, we expect bargain hunting activities to emerge anytime soon after 5 days of consecutive decline hence expect the index to hover within the 1,445-1,455 range today.
