Daily Market Report (14 February 2023)
- Wall Street rebounded ahead of the crucial consumer price index data to be out later today as traders are betting that inflation may be peaking and a possible pause of aggressive rate hikes by the Federal Reserves.
- The DJI Average was up by 377 points while the Nasdaq added 174 points as the US 10-year yield eased slightly to 3.7%.
- In Hong Kong, the benchmark HSI closed 26 points lower as sentiment turned cautious on the escalating tension between the US and China as the Biden administration sanctioned 6 Chinese companies following the balloon incident.
- Back home, the FBM KLCI ended flat due to some last minute buying activities as market undertone remains sluggish.
- The market is seen directionless today due to lack of fresh catalysts hence we expect the index to hover between the 1,475-1,480 range.
- Buying interests may return to Tech related stocks after a sell-down yesterday.
