Daily Market Report (29 November 2023)
- Wall Street ended in positive territory following statement from a Federal Reserve official that current policy may be sufficient to slow economic growth and curb inflation hence paving hopes for the end of rate hikes.
- As a result, the DJI Average added 83 points while the Nasdaq gained 41 points as the US 10-year yield easing to 4.325%.
- In Hong Kong, the HSI slumped 171 points on growing concerns of corporate earnings growth going forward.
- There were also new concerns on Chinese Banks’ asset quality due to possibility of new lending measures to support the local property sector.
- Back home, the FBM KLCI ended flat attributed to late buying support amid another lackluster day.
- Nonetheless, we believe the local bourse to see some buying activities emerging today following positive cues from the US on potential softer interest rates, thus expect the index to hover within the 1,450-1,460 range.
