Daily Market Report (29 December 2023)
- Wall Street closed mixed as US equities may have hit the ceiling in terms of their valuations.
- So, while the DJI Average added 53 points to a fresh new high, the Nasdaq lost 4 points while the S&P 500 gained almost 2 points to a new all time high.
- Meanwhile, the US 10-year yield inched higher at 3.846%.
- Over in Hong Kong, the HSI jumped 419 points to breach the 17,000 level or at a 4-week high.
- As online gaming stocks namely Tencent and NetEase continued to rally.
- The index was further buoyed by the strength of BYD (+4.1%) attributed to accumulation from foreign funds.
- Back home, the FBM KLCI edged firmer to close in on the 1,460 mark despite still being stuck in a 2-week consolidation mode of between 1,450/65 range.
- Curiously, the 1,465 remains a stubborn resistance and to remain as the main stumbling block thus we expect it to trend the 1,455-1,465 range today.
- Meanwhile, the Ringgit continues to improve against the US$ of around 4.60 or a 4-month high.
