Daily Market Report (3 November 2023)
- Wall Street closed positively with all 3 major indices surged as traders are betting that the Federal Reserve may be done with rate hikes for the year.
- The DJI Average added 564 points while the Nasdaq climbed 233 points higher as the US 10-year yield eased to almost a month low at 4.661%.
- Over in Hong Kong, the HSI gained 129 points as sentiment turned dovish as the Hong Kong Monetary Authority (HKMA) maintains its base rate after the Fed pauses rate hikes signaling a possible end to the rate hike cycle.
- On the home front, the FBM KLCI ended higher taking cue from improved regional performance.
- Meanwhile as expected, Bank Negara Malaysia (BNM) kept its BLR at 3% which should be good news for all.
- Underpin by a spate of positive news, we believe the local bourse to see the return of buyers thus expect the benchmark index to hover within the 1,440-1,450 range today.
- Again, we advocate investors to stay with the Banks as we anticipate the financials to chart decent earnings growth for 2023.