Daily Market Report (24 March 2023)
- Wall Street ended higher as investors bet that the US Fed may be nearing the end of its rate hiking cycle.
- Meanwhile, US treasury secretary Janet Yellen reassured that steps will be taken to keep deposits safe at banks.
- Therefore, the DJIA rose 75 points while the Nasdaq gained 117 points.
- Over in Hong Kong, the HSI closed sharply higher mainly due to strong buying on China’s tech giant Tencent.
- On the domestic front, the FBM KLCI closed off its day low yesterday and ended flattish attributed to bargain hunting activities during the late trading session.
- At current level, we believe the FBM KLCI remain oversold position, hence we reckon the benchmark index to stage a rebound soon particularly the banking stocks.
- Thus, we expect the FBM KLCI to trend higher, within the range of 1,410-1,420 for today.
