Daily Market Report (14 August 2023)
- Wall Street ended the week on a mixed note attributed to contradicting data from the CPI and PPI.
- While the consumer price index came in within expectations, the producer price index for July was higher than estimates.
- As such, the DJI Average gained 105 points while the Nasdaq lost 93 points as the US 10-year yield rose to 4.158%.
- Over in Hong Kong, the HSI declined by 173 points dragged mainly by property stocks as concerns over the sector downturn deepens amid the slow recovery in China.
- On the home front, the FBM KLCI closed almost flat from late buying activities after a slow start last Friday attributed to the looming state election the next day.
- We believe results from the recently concluded state election bodes well for the equity market as more inflow of foreign funds is anticipated going forward.
- We are indeed optimistic about the results despite initial rumours that Selangor may be a tough contest.
- For today, we expect the index to hover within the 1,460-1,475 range with interest to center on the Construction and Banking related stocks.
