Daily Market Report (12 June 2023)
- Wall Street continues to chart positive gains as traders are looking ahead of upcoming inflation data and the Federal Reserves latest policy announcement.
- Traders were also encouraged by the uptrend of small and mid cap stocks.
- As a result, the DJI Average jumped 43 points while the Nasdaq added 21 points despite the US 10-year yield inched higher at 3.743%.
- In Hong Kong, the HSI jumped 91 points to a 2-week high on expectations that policy makers will inject stimulus to shore up economic recovery following a tame inflation report.
- Back home, the FBM KLCI closed on a positive note underpinned by broad-based accumulation.
- Nonetheless, the benchmark index ended off the day’s high as sentiment stayed cautious.
- For today, we reckon the index to maintain its tight trading range of within 1,375-1,385 range with short term trading stance being rather apparent.
- Meanwhile, crude oil prices remained quite bearish in view of slowing global demand as the Brent crude declined to below USD75/barrel.
