Daily Market Report (11 January 2023)
- Wall Street closed positively as bargain hunting activities emerged on beaten-up tech stocks as traders are betting that US inflation may have peaked.
- The DJI Average gained 186 points while the Nasdaq added 107 points as the US 10-year yield edged higher to almost the 3.62%.
- Over in Hong Kong, the HSI retreated attributed to some profit taking activities following a solid opening in 2023.
- The HSI lost 57 points to close off the day’s low as market undertone remains strong.
- At home, the FBM KLCI also succumbed to profit takings as the FBM KLCI closed below the 1,490 level.
- Sentiment within the local bourse remains fragile as investors were sidelined, waiting for more solid catalysts.
- As such, we reckon the index to trend within a tight range of between 1,485-1,495 today as we noticed the 1,500 remains a strong psychological resistance level.
- Meanwhile, we believe interests on the Telcos may emerge as the sector has underperformed the broader market so far this year.
