Daily Market Report (23 August 2023)
- It was another mixed day on Wall Street as traders remained uncertain of the market direction going forward.
- Nonetheless, the financial and retail sectors bore the brunt of the selling as the US 10-year yield stayed elevated at 4.332%.
- As a result, the DJI Average lost 175 points while the Nasdaq added 8 points.
- Over in Hong Kong, the HSI rebounded by 168 points attributed to bargain hunting activities as recent decline to a 9-month low was deem too excessive amid the pessimism over China’s property market.
- On the home front, the FBM KLCI closed flat despite the apparent profit taking activities late in the session.
- This shows market’s undertone of the local bourse is resilient despite sentiment may have turned cautiously optimistic in view of recent headwinds from China and the US.
- For today, we believe trading will be lackluster due to the absence of fresh leads thus expect the index to hover within the 1,445-1,455 range as we brace ourselves for an influx of corporate earnings over the next few days.
