Daily Market Report (16 May 2023)
Tue, May 16, 2023 7:59 AM
- Wall Street closed on a positive note as negotiations on the US debt ceiling will resume today with the Feds being rather optimistic that a deal can be struck soon rather than later.
- As such, the DJI Average gained 48 points while the Nasdaq jumped 80 points higher as the US 10-year yield edged higher at 3.508%. 、
- Meanwhile, Hong Kong market rallied on hopes of strong quarterly earnings from both Tencent and Alibaba and that banks and insurers will benefit from government’s initiatives to boost the valuations of state-owned enterprises thus pushed the HSI 344 points higher to almost the 20,000 level.
- On the domestic front, the FBM KLCI continued with its downtrend despite the improved regional performance as broad-based selling remains.
- However, we reckon bargain hunting activities should emerge anytime soon following the week-long decline and expect both the Banks and Telcos to be top of the buying list.
- As such, we anticipate the index to trend within the 1,415-1,425 range today.
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