Daily Market Report (8 December 2023)
- Wall Street finished higher with strong buying on tech stocks following softer-than-expected job openings heightening expectations of lower interest rates in the coming year.
- The DJIA gained 63 points or 0.17% while Nasdaq surged 193 points or 1.37%.
- In Asia, major indices ended lower following lower than expected China’s export figures.
- Meanwhile Moody's issued downgrade warnings for Hong Kong, Macau, and large portions of China's state-owned companies and banks.
- As a result, the HSI dived 117 points of 0.71%.
- On the home front, the FBM KLCI fell to below its 1,445 support level.
- Nonetheless, the benchmark index is near oversold level, hence we reckon bargain hunting may occur.
- Despite this, investors are advised to stay vigilant due to the rising global volatility and uncertainties.
- We anticipate that the FBM KLCI to trend higher within the range of 1,440-1,450 for today.
