Daily Market Report (15 August 2023)
- Wall Street closed firmer regardless that sentiment remained cautious ahead of more earnings report from major retailers coupled with July’s retail sales out data later today.
- The DJI Average added 26 points while the Nasdaq was 146 points higher despite the US 10-year yield edging higher to 4.201%.
- Meanwhile in Hong Kong, the HSI declined to below the 19,000 mark as sentiment continued to be weighed by China’s struggling economy over weak loans and credit growth as well as prevailing crisis within the property sector.
- Back home, the FBM KLCI pared earlier losses to end flat from late buying activities illustrating that the market undertone is still strong notwithstanding a weak regional performance.
- The Construction sector, as expected generated solid buying interests as many are expecting the Government to kick-start the domestic economy via the rolling out of infra-related projects soon.
- Thus, we anticipate buying support to prevail and see the index to hover between the 1,460-1,470 range today with accumulation on the banking stocks to persist.
