Stock market summary for end of 2023
The index continued its upward trend, reaching 1,590, with potential to break the 1,600 resistance level. Indicators suggest strong buying momentum.
Funds may shift towards Asian markets due to U.S. market uncertainties. The REIT sector remains resilient, while the plantation sector benefits from rising CPO prices.
• Technical Outlook: The FBM KLCI formed a doji candle, with indicators still positive. Key resistance is at 1,630, with support around 1,570.
• U.S. Markets: The S&P 500 closed flat after a strong rally, while the Dow dropped (-0.4%) and the Nasdaq gained (+0.4%).
• Asian Markets: Hong Kong’s Hang Seng surged (+3.7%) on AI optimism, while China’s indexes were mostly flat. Japan’s Nikkei fell (-0.8%) due to a stronger yen, and South Korea’s KOSPI rose (+0.3%) amid mixed U.S.-India political signals.
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