Daily Market Report (4 December 2023)
- Wall Street ended on a positive note last Friday, with U.S. Treasury yields and the dollar both sliding.
- Treasury yields fell as US Fed Chair Jerome Powell highlighted the increased equilibrium between the risks associated with excessive interest rate hikes and the risks of inadequate hikes to manage inflation.
- The DJIA gained 295 points or 0.82% while Nasdaq added 79 points or 0.55%.
- In Hong Kong, the HSI declined 213 points or 1.25% due to cautious trading following mixed economic data from China.
- Back home, the FBM KLCI ended higher due to strong during the final hour of trading session.
- We expect the buying on local stocks to continue given the attractive valuations and persistent support from foreign funds although we do not discount the possibility the of profit taking activities.
- As such we anticipate the benchmark index to trend within the range of 1,450-1,460 for today.
- Additionally, we expect some headwinds in the plantation sector as the CPO futures fell to below RM3,800 per tonne.
