Daily Market Report (28 June 2023)
- Wall Street rebounded as sentiment improved following a solid set of economic data illustrating that the US economy remains strong with no recession in sight.
- As a result, the DJI Average gained 212 points while the Nasdaq jumped by 220 points despite the US 10-year yield inched higher at 3.772%.
- In Hong Kong, the HSI recovered to above the 19,000 level after a 5-day decline on earnings upgrade plus expectations of more stimulus package from Beijing.
- As for the local bourse, the FBM KLCI ended lower due to selling activities in the afternoon session especially on the Telcos.
- For today, we reckon the index to see a slight recovery with buying interests returning to the financials and Tech stocks following bouts of profit taking over the last 3 days.
- Therefore, we expect the index to hover within the 1,380-1,390 range today.
- Meanwhile, concerns over global demand saw crude oil prices dipped further with the Brent crude closing around the USD72/barrel.
