Daily Market Report (10 July 2023)
- Wall Street struggled and closed lower as fears resurfaced on rate more hikes by the Feds later this month following a spate of strong job data.
- As a result, the DJI Average tumbled 187 points while the Nasdaq lost 18 points as the US 10-year yield inched higher to 4.066%.
- Over in Hong Kong, the HSI ended the week in dreadful fashion as the index declined by 167 points after Goldman Sachs downgraded the Chinese banks.
- Tech stocks were not spared either following a sell-off by foreign funds.
- On the home front, the FBM KLCI uptrend was short-lived after foreign funds began to unload their holdings.
- The index dipped below the 1,380 threshold last Friday as sentiment turned drastically cautious.
- The sell-down was quite prominent on the Financial, Plantation and Telco stocks after a decent performance recently.
- We reckon market undertone to remain weak thus expect the index to hover within the 1,370-1,380 today.
- Again, we foresee some headwinds for the Tech counters in view of slower global demand and higher interest rate environment in the US.
