Daily Market Report (23 May 2023)
- US stocks closed on a mixed note amid a fresh round of negotiations on the US debt ceiling with the deadline looming in 2 weeks.
- While the DJI Average lost 140 points, the Nasdaq added 63 points despite the US 10-year yield inching higher at 3.719%.
- Over in Hong Kong, equities gained as the HSI rebounded by 228 points spurred by a surge in tech stocks following Beijing’s ban on Micron Technology that propel a rally for the Chinese chip makers thus within the Tech broader sector.
- On the home front, the FBM KLCI fell to below the 1,420 mark primarily due to the selling on selective banking heavyweights.
- Nonetheless, we reckon bargain hunting on the banks may surface today as we deem the recent sell-down on the sector may have been overdone.
- As such, we reckon the index to trend higher today possibly trending between the 1,420-1,430 range today.
- Another interesting development is that, despite recent slump in CPO futures, Plantation stocks remained rather resilient attributed to continuous buying support.
