Daily Market Report (1 March 2023)
- Wall Street closed on a weak note as the latest economic data is showing weaker business confidence in the US.
- Following a volatile session, the DJI Average lost 232 points while the Nasdaq declined by 11 points with the US 10-year yield ended marginally higher at 3.93%.
- In Hong Kong, the HSI continued with its correction to end 157 points lower amid the heightened geopolitical tension that is curbing risk appetite.
- On the home front, the lack buying interests saw the FBM KLCI hovered within a tight range before closing slightly lower at just below the 1,455 level.
- Although there were some accumulations on banking stocks following the latest solid earnings reports, overall sentiment remained rather cold.
- We reckon the local bourse to remain stuck in a consolidation mode amid the uncertainties in the US hence expect the index to hover within the 1,450-1,460 range today.
- Amid the prevailing volatility, we would advocate investors to look at companies that offer solid dividend yields within the Banking, Gaming and Reits segment which are offering reasonable value proposition.
