Daily Market Report (7 November 2023)
- Wall Street took a breather but still closed slightly higher as the market may be consolidating from the recent rally and may have outpaced fundamentals.
- As such, the DJI Average gained a mere 34 points while the Nasdaq added 40 points as the US 10-year yield climbed to 4.647%.
- Over in Hong Kong, the HSI jumped by 302 points to almost the 18,000-level buoyed by a possible early cut in interest rates and more assistance from China to stabilize the market.
- On the home front, the FBM KLCI surged past the 1,460 mark from broad-based buying amid the improving market sentiment.
- We reckon stock accumulation to persist predominantly from foreign funds thus expect the index to hover within the 1,460-1,470 range today and may surpass the 1,500 mark anytime soon.
