Daily Market Report (12 May 2023)
Fri, May 12, 2023 7:31 AM
- Wall Street closed broadly lower as new inflation data came in cooler than expected, putting pressure on equities amid concerns around regional banks.
- The Dow fell by almost 222 points, while the S&P500 lost 7 points, dragged down by Disney.
- However, Nasdaq gained 22 points.
- In Hong Kong, stocks closed lower following a major sell-off across the region.
- On the domestic front, the FBM KLCI ended in negative territory due to selling during the final minutes of trading.
- Nonetheless, we expect local equities to remain steady due to their cheap valuations and the strength of the local economy.
- Hence, we anticipate the benchmark index to trend higher within the range of 1,425-1,435 for today.
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