Daily Market Report (21 February 2023)
Tue, Feb 21, 2023 7:55 AM
- Wall Street was closed for Washington’s Birthday yesterday.
- In Hong Kong, expectations of earnings upside attributed to China’s reopening saw the HSI added 167 points to almost the 20,900 mark.
- Bargain hunting activities also played its part as the benchmark index had declined by 8.7% over the last 3 weeks.
- Both Baidu and HSBC closed higher as earnings are anticipated to be solid.
- Back home, the FBM KLCI fell to below the 1,475 level as sentiment remained cautious from the lack of fresh catalysts.
- We believe trading on the local bourse to stay lackluster while waiting for the 2nd tabling of Budget 2023 this Friday.
- As such, we reckon the index to trend within the 1,470-1,480 range today as bargain hunting on Banks may emerge ahead of the 4Q earnings reporting.
- Meanwhile, a surge in global demand saw crude oil prices rebounded with the Brent crude jumped to US$84/barrel.
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