Daily Market Report (5 December 2023)
- Wall Street finished lower due to profit taking activities on big tech stocks.
- Moreover, concerns among investors about an escalation in the conflict between Israel and Hamas have the potential to disrupt the outlook for the Middle East, possibly causing crude oil prices to surge and leading to an increase in inflation.
- The DJIA eased 41 points or 0.11% while the Nasdaq fell 120 points or 0.84%.
- In Hong Kong, the HSI slumped 184 points of 1.1% due to regional weakness amid the high tension in the Middle East.
- On the home front, the FBM KLCI closed lower as investors exercised caution in response to the regional weakness.
- Despite this, we prefer to stay alert given the heightened global volatility although bargain hunting may prevail.
- Furthermore, the valuation of the benchmark index remains cheap as compared to its regional peers, hence we anticipate the FBM KLCI to stay in consolidation mode within the 1,445-1,455 range for today.
