Daily Market Report (27 January 2023)
- Wall Street closed broadly higher as sentiment improved following a lower unemployment claims amid a better than expected GDP growth for the 4Q2022 giving hopes that the US economy will see a soft landing.
- The DJI Average gained 205 points while the Nasdaq jumped by 199 points as the US 10-year yield edged higher to 3.51%.
- Meanwhile, the Hong Kong market welcome the year of the Rabbit with a bang as the HSI added 522 points to above the 22,500 level or near a 11-month high.
- At home, the FBM KLCI maintained its lackluster performance as it closed marginally lower despite some late buying activities on Utilities stocks.
- As many are expecting intertest rates hikes reaching a plateau, we reckon focus on the equity market to improve going forward hence expect the index to trend within the 1,495-1,505 range today.
- Banks and Consumer Products stocks should garner some buying interests after a dismal showing over the last few days.
