Daily Market Report (16 February 2023)
- Wall Street reversed earlier losses to end in positive territory as sentiment turned upbeat following the release of a higher than expected retail sales for January despite inflation remains a sticky issue.
- As a result, the DJI Average was up by 39 points while the Nasdaq closed 110 points higher as the US 10-year yield edged higher at 3.8%.
- In Hong Kong, sentiment remains spooked by the US inflationary pressure and interest rates worries as the HSI dipped by another 301 points to close at a 6-week low.
- Back home, the FBM KLCI closed on a high following an indifferent opening attributed to last minute buying again particularly on Telcos stocks.
- Nonetheless, we reckon market undertone is still cautious amid a rotational accumulation of blue chips.
- Therefore, we see the benchmark index to hover between the 1,485-1,495 range today while waiting for the second tabling of Budget 2023 slated for next Friday which should see more activities for the Construction sector to revive the nation’s economy.
