Daily Market Report (13 February 2023)

Wall Street ended on a mixed note as traders are still pondering on the Federal Reserves’ next move amid various mixed economic signals.
Thus, though the DJI Average added 169 points, the Nasdaq lost 71 points as the US 10-year yield inched higher at above the 3.74% mark.
Over in Hong Kong, the HSI declined by 434 points on mixed signs of China’s recovery coupled with the renewed US/China tension that stoked concerns on possible new sanctions on Chinese tech companies.
On the home front, broad based bargain hunting finally emerged on the local bourse as investors snapped up Banking and Energy related stocks pushing the FBM KLCI higher to almost the 1,475 level.
However, we reckon trading activities may turned cautious following last Friday’s mixed performance in the US hence expect the index to hover within the 1,470-1,480 range today.
Tech related counters may faced with some headwinds today on higher US treasury rate.
Meanwhile, despite improved output from the US, crude oil prices all closed higher with the Brent crude edged above the US$86/barrel.

Download