Daily Market Report (7 December 2023)
- Wall Street ended lower as traders remain sidelined pondering the latest labour and wage growth for November that declined more than expected.
- Overall sentiment turned quite cautious as the DJI Average lost 70 points while the Nasdaq dipped by 83 points with the US 10-year yield continuing to slide at 4.113%.
- In Hong Kong, the HSI rebounded to just below the 16,500 mark as the market has been technically oversold in addition to some share buyback programs launched by Meituan, WuXi Bio, Swire Pacific and Sands China to a tune of US$2.6bn.
- At the home front, the FBM KLCI maintained its consolidation as the index closed lower to just above the 1,445 level.
- Nonetheless, we reckon bargain hunting activities to emerge anytime soon as the decline of the local bourse has been broad-based.
- We believe interest may return to the Construction and Financial stocks after the recent selling activities thus expect the index to trend within the 1,445-1,455 range today.
