Daily Market Report (25 August 2023)
- Wall Street slumped as the recent tech rally fizzled out with traders now bracing themselves for a key speech from the Feds chairman Jerome Powell later today.
- As such, the DJI Average lost 374 points while the Nasdaq declined by 257 points as the US 10-year yield edged higher to 4.241%.
- Over in Hong Kong, the HSI surged past the 18,000 mark as sentiment was buoyed by a solid set of corporate earnings while traders were also taking the opportunity to bargain hunt.
- On the home front, the FBMKLCI closed in positive territory as market’s undertone remains positive.
- It is interesting to note that buying on Plantation counters remains strong as the recent spike in the crude palm oil price should boost earnings in the 3Q2023 thus investors are anticipating for a better performance from the planters this year.
- For today, we believe the index to possibly hover between the 1,440-1,450 range.
