Daily Market Report (21 March 2023)
- Wall Street staged a relief rally on hopes of an easing banking crisis along with the Federal Reserve’s rate decision tomorrow.
- As a result, the DJI Average jumped by 383 points while the Nasdaq gained 45 points as the US 10-year yield inched marginally higher to 3.48%.
- Over in Hong Kong, shares tumbled as the HSI plummeted by 518 points to just above the 19,000 level or a 3-month low.
- Selling on banking stocks were evident following the demise of Credit Suisse plus a complete write-off of its bonds that spooked sentiment.
- On the home front, the FBM KLCI ended just above the 1,400 mark supported by some bargain hunting activities especially on Telco stocks.
- For today, in line with a more positive Wall Street closing overnight we reckon the local index to trend between the 1,400-1,415 range as we expect some broad-based accumulation at prevailing levels.
- Meanwhile, gold price which went past the USD2,000/oz yesterday, ended below USD1,980/oz due to intra-day profit taking.
