Daily Market Report (23 February 2023)
- Wall Street ended broadly lower after exchanging with gains and losses as the minutes from the Federal Reserve’s February meeting added to expectations that further rate hikes are in the pipeline to squeeze inflation.
- Over in HK, the HSI close marginally lower due to market correction amid the regional selldown overall on cautious sentiment as investors weighed the prospect of central banks tightening policy more than previously expected to tame inflation.
- Back home, FBM KLCI closed lower in a lacklustre market with broad based selling due to absence of buying catalyst.
- We reckon the FBM KLCI to stage a rebound and expect it to hover within the 1,465-1,475 range for today.
- We believe Oil and Gas may continue to see some selling pressure as Brent Crude fell to below USD80 per barrel.
