Daily Market Report (23 June 2023)
- Wall Street closed on a mixed note, with two of the three major indices finishing higher as investor reluctant to make significant moves at the moment, focusing instead on the latest developments from the central bank's hiking campaign.
- As a result, the DJI Average shed a mere 5 points while the Nasdaq gained 128 points as the US 10-year yield inched marginally higher to 3.797%.
- Over in Hong Kong, the HSI continued to slump on the concerns over the Chinese economy and disappointment with the central bank's prime rate cuts in China resonating.
- Back home, the FBM KLCI continue its upward trajectory lifted by selected buying on heavyweight financials.
- We believe that the local bourse to remain resilient and reckon the index again hover within the 1,390-1,400 range today, with buying interest continuing to be seen in banking stocks.
