Daily Market Report (11 July 2023)
- Wall Street recovered from recent downtrend as traders are looking towards the Consumer Price Index on Wednesday and the Producer Price Index on Thursday coupled with the start of the earnings season.
- The DJI Average jumped 210 points while the Nasdaq edged 25 points higher as the US 10-year yield ended lower at 4.0%.
- Meanwhile, Hong Kong equities closed higher with the HSI adding 114 points as traders are expecting China’s regulatory clampdown on the tech companies may be coming to an end.
- Nonetheless, overall sentiment remained cautious on concerns of China’s worsening deflation outlook.
- Back home, the FBM KLCI managed to close above the 1,380 level attributed to broad-based buying despite the index remains in consolidation mode.
- For today, we anticipate the index to trend within the 1,375-1,385 range with the Telco sector to experience some bargain hunting activities following persistent decline last week.
