Daily Market Report (17 March 2023)
Daily Market Report (17 March 2023)

Daily Market Report (17 March 2023)

  • Wall Street rebounded as bailouts for both Credit Suisse and First Republic Bank eased concerns of a deepening banking crisis despite the ECB (European Central bank) jacked up interest rates by another 50bps.
  • Meanwhile, many are betting that the Feds may be less aggressive in hiking interest rates next week.
  • As a result, the DJI Average gained 372 points while the Nasdaq jumped by 283 points as the US 10-year yield edged higher to 3.58%.
  • As for Hong Kong, the HSI tumbled 336 points on concerns of the banking crisis that spillover to the region.
  • Additionally, Baidu’s launch of its ChatGpt-like Ernie disappointed market as its share price slumped 6.4%.
  • Back home, in line with the regional downtrend, the FBM KLCI declined to just above the 1,390 level due to persistent selling on Banks, Telco and Energy stocks.
  • For today, a rebound is in the offing buoyed by the positive performance on Wall Street hence expect the index to hover within the 1,390-1,405 range on broad based accumulation.