Daily Market Report (18 May 2023)
- Wall Street rebounded on optimism that a positive outcome from the US debt ceiling negotiation will be in place by the end of this week.
- As a result, the DJI Average jumped 409 points higher while the Nasdaq added 157 points despite the US 10-year yield closed higher at 3.572%.
- Meanwhile, Hong Kong equities slumped as traders remain sidelined with an eye on earnings from tech companies as well as stronger indication from China’s economic recovery.
- On the home front, the FBM KLCI closed marginally higher as sentiment remained restrained due to the lack of fresh catalysts.
- Interestingly, yesterday’s reasonable showing was mainly attributed to the solid showing from Plantation stocks despite the weakening crude palm oil (CPO) prices.
- As CPO futures continue to dampen, we may see some headwinds for the planters today as profit taking activities may emerge.
- Nonetheless, we reckon the index to hover within the 1,420-1,430 range today.
- As for the corporate results, we noticed it has been a mixed bag so far.
