Daily Market Report (22 June 2023)
- Wall Street tumbled as traders digested Chairman Powell’s comment that there will be more rate hikes to contain inflation this year.
- As a result, the DJI Average lost 102 points while the Nasdaq declined by 165 points as the US 10-year yield inched marginally higher to 3.727%.
- Over in Hong Kong, the HSI slumped to almost a 3-week low as sentiment remains fragile with China’s limited stimulus package to boost its faltering economy.
- Back home, the FBM KLCI closed at almost a 1-month high buoyed by recent comments by PM Datuk Seri Anuar Ibrahim on the equity market.
- We reckon if the index manages to stay above the 1,390 level today, we expect it to challenge the 1,400 next.
- As such, we believe accumulation of Financial and Telco stocks to persist after being sold-down recently.
