Daily Market Report (20 June 2023)
- Wall Street was closed on Monday but a look at the futures showed that US equities may open on a weak note later today thus regional markets ended mostly in the red.
- Over in Hong Kong, the HSI slipped 127 points to below the 20,000 mark again as traders are becoming impatient that China will only offer limited stimulus to the financial market.
- Back home, the FBM KLCI pared earlier losses to end marginally lower due to broad-based buying activities in the afternoon session following the PM announcement of a reform to revive the local stockmarket that includes a cut in stamp duty for equities trading in a bid to enhance market vibrancy.
- Though the adjusted stamp duty is still higher than previously, we reckon the latest rate and ceiling are good attempts to enhance market participation.
- Whether this will positively reflect in the local bourse remains to be seen but we believe overall sentiment should be boosted somewhat from the move thus expect the index to trend between the 1,385-1,395 today with some interests on the financial sector.
