Daily Market Report (18 January 2023)
- Wall Street closed lower as the banks came in with a mixed bag of results.
- The DJI Average lost 392 points while the Nasdaq fared slightly better adding 16 points as the US 10-year yield inched higher to 3.55%.
- Meanwhile, a reported slower economic growth in China last quarter gave investors excuse to profit take thus the HSI dipped 170 points.
- As for the local bourse, late buying activities on Telcos and Utilities stocks saw the FBM KLCI higher to within a touching distance of the 1,500 mark.
- We reckon the index may break the 1,500 level today, as buying shifts to the banks following a lacklustre performance over the past few days.
- Meanwhile, growing demand from China helped pushed crude oil prices higher with the Brent crude hovering close to the US$87/barrel.
