Daily Market Report (17 January 2023)
- Wall Street was closed for Martin Luther King’s holiday on Monday.
- Nonetheless, Hong Kong equities maintained its upward trajectory following China’s central bank’s injection of liquidity into the system amounting to US$116bn.
- As a result, the HSI erased earlier losses to close flat at almost 21,750 which is a 6-month high pushing YTD gain to almost 10%.
- Back home, late buying activities again helped pushed the FBM KLCI to end on a flat note.
- As suspected, we see the 1,500 level as a stubborn psychological level to break.
- For today, we reckon trading to remain lacklustre in the absence of fresh catalysts thus expect the index to trend between the 1,490-1,500 range today with interests to focus on Plantation and Utilities which experienced some sell-down yesterday.
- Meanwhile, profit taking activities saw crude oil prices lower with the Brent crude easing to the US$84/barrel.
