Daily Market Report (16 January 2023)
- Wall Street ended in positive territory after a weak opening due to slow earnings from the banks as traders began to bet that inflation will ease this year.
- The DJI Average gained 113 points with the Nasdaq jumped by 78 points as the US 10-year yield inched higher to almost the 3.5% mark.
- Meanwhile over in Hong Kong, the HSI continued with its uptrend on easing concerns over rate hikes in the US.
- The index closed 224 points higher buoyed by solid gains from Alibaba, Tencent, HSBC and BYD to name a few.
- On the home front, the FBM KLCI ended on a day high from last minute buying activities.
- We reckon broad base accumulation to persist especially on Finance and Energy stocks hence expect the index to hover within the 1,490-1,500 range today.
- Oil & Gas counters should be well supported by the emergence of Chinese tourists that saw the Brent crude price surpassing the US$85/barrel mark.
