Daily Market Report (14 June 2023)
- Wall Street uptrend continues as both the S&P 500 and Nasdaq closed to a 13-month high after the inflation data which came in within expectation thus giving hopes that the Fed may pause their rate hike later today.
- While the DJI Average added 146 points, the Nasdaq added 111 points as the US 10-year yield inched higher at 3.827%.
- In Hong Kong, the HSI gained 117 points or to a 3-week high after China’s central bank injected some liquidity into the financial system stoking expectations that borrowing costs may be lowered this month.
- On the domestic front, the FBM KLCI retreated as profit taking set in to close just above the 1,380 level.
- However, we reckon the index to improve taking the positive cue from Wall Street and expect it to hover within the 1,380-1,390 range today.
- We believe buying interests may persist on Tech stocks but caution that profit taking activities may emerge following a sharp spike-up since end-May.
