Daily Market Report (6 November 2023)
- Wall Street rallied as sentiment turned positive following a weaker than expected job data indicating that the Federal Reserve rate hike campaign could be over.
- As a result, the DJI Average gained 222 points while the Nasdaq added 184 points with the US 10-year yield easing to 4.577%.
- In Hong Kong, the HSI jumped 433 points taking the positive cue from Wall Street coupled with data showing that China’s services activity in October grew higher than the previous month.
- Back home, the FBM KLCI closed higher at almost the 1,450 mark as buyers returned amid an improving investment climate.
- We believe the improving market undertone should spur the local bourse higher today thus expect the index to hover within the 1,450-1,460 range.
- Meanwhile, the Ringgit strengthened against the US$ to around 4.72 from almost 4.80 previously on expectations that the Fed will pause with their rate hikes.
