Daily Market Report (30 November 2023)
- Wall Street closed mixed as traders remain optimistic that there are more legs for US equities as we approach the final month of 2023.
- Sentiment was boosted by the higher than expected GDP growth for 3Q.
- Thus, despite the DJI Average gaining 13 points, the Nasdaq dipped by 23 points as the US 10-year yield declined to 4.259%.
- Over in Hong Kong, the HSI slumped 361 points to below the 17,000 level as investors’ confidence was hammered by sell-down of major Tech companies.
- Meituan, China’s top food delivery platform sank 12% after it warned of shrinking demand for its services.
- On the home front, the FBM KLCI close 2 points lower to just above the 1,445 mark as market undertone remains cautious due to regional weaknesses and lack of fresh catalysts.
- Nonetheless, we noticed foreign inflows are still positive hence lending hopes that the local bourse may rebound anytime soon amid the easing US Treasury yields.
- For today, we expect the index to trend between the 1,445-1,455 range.
