Daily Market Report (10 January 2023)
- Wall Street ended on a mixed note after a strong opening following remarks that interest rates may exceed 5%.
- As a result, the DJI Average dropped 113 points while the Nasdaq was up by 66 points as the US 10-year yield eased to below the 3.53% threshold.
- In Hong Kong, the HSI added another 400 points as the uptrend continues buoyed by the lifting of clampdown on tech giants coupled with China’s reopening.
- Back home, the FBM KLCI jumped by almost 13 points on strong buying support on Construction, Technology and Energy stocks amid a solid regional performance.
- For today, we believe the index to maintain its uptrend after a mild consolidation hence expect it to trend between the 1,490-1,505 range and expect buying interests to shift to the Telco and Banking stocks today.
- Meanwhile, crude oil prices maintain their uptrend as demand is expected to improve on the reopening of travelling by China.
- As such, the Brent crude closed in on the US$80/barrel again.
