Daily Market Report (10 February 2023)
- Wall Street ended lower after a strong opening as concerns emerged over the Federal Reserves’ rate adjustments may need to be higher than what the market expected.
- As such, the DJI Average declined 249 points while the Nasdaq lost 121 points with the US 10-year yield trended higher at 3.66%.
- In Hong Kong, the HSI reversed recent downtrend to close 341 points higher as the focus on tech stocks continued buoyed by the ChatGPT concept coupled with the positive effects from China’s re-opening.
- Back home, the selling on blue chips persisted particularly on the Telcos and Energy related stocks.
- The benchmark index declined for the 4th consecutive day as sentiment remains jittery due to the unrelenting selling by foreign funds as the highly anticipated bargain hunting did not materialize.
- We reckon the market could be waiting of the re-tabling of Budget 2023 on the 24th this month before committing.
- Therefore, we reckon the index will continue to trend within a narrow range of 1,460-1,470 today.
