Daily Market Report (20 February 2023)
Mon, Feb 20, 2023 7:53 AM
- Wall Street closed mixed as concerns over inflation and spike in rates continue to weigh on sentiment.
- Therefore, despite the DJI Average added 130 points, the Nasdaq lost 68 points as the US 10-year yield eased lower to just below the 3.82% level.
- In Hong Kong, the HSI slipped 268 points amid the escalating tension between the US and China with both Lockheed Martin and Raytheon Technologies were sanctioned and fined by China for supplying weapons to Taiwan.
- On the home front, the FBM KLCI retreated to below the 1,480 mark attributed to broad-based selling especially on Tech related stocks.
- For today we reckon trading on the local bourse to be subdued ahead of corporate earnings results announcements thus expect the index to hover within the 1,470-1,480 range today.
- In view of a recovery in crude palm oil prices, we believe Plantation stocks should see some buying support today.
- Meanwhile, crude prices continue to weaken on the back of stronger US$ and higher rates, as such the Brent crude eased to US$83/barrel from US$86 last week.
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