Daily Market Report (26 January 2023)
Daily Market Report (26 January 2023)

Daily Market Report (26 January 2023)

  • Wall Street closed mixed but off the day’s low as sentiment remained non-committal as traders continue to be watchful on the interest rate hikes and recessionary effects on corporate earnings.
  • As such, the DJI Average ended 10 points higher while the Nasdaq lost 21 points with the US 10-year yield was marginally lower at 3.44%.
  • The Hong Kong market will resume trading today and as we enter into the year of the water Rabbit, many feng sui masters are cautiously optimistic on the Hang Seng Index as they predict market volatility to remain.
  • Back home, trading on the local bourse had been lackluster but some late buying activities saw the FBM KLCI to close flat.
  • For today, we reckon trading activities to be similar as market players are still on a holiday mood.
  • Therefore we reckon the index to possibly trend between 1,495-1,505 range today with buying interests on the Telcos and selective Tech stocks as fears of high interest rates are abating.
  • Meanwhile the Ringgit continues to strengthen against the greenback currently hovering at MYR4.26/US$1.
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