3 January 2023
Daily Market Report (3 January 2023)
- Stock markets were closed for New Year yesterday.
- Nonetheless, trading activities on Wall Street has been quite lacklustre with all 3 major indices ended in negative territory last Friday.
- For 2022, the DJI Average lost 8.8% while the Nasdaq declined by a massive 33% amid persistent rate hikes that saw the US 10-year yield ended at 3.88%.
- For Hong Kong, the HSI closed positively last Friday betting on China’s reopening but is still 15.5% down for 2022.
- Back home, the FBM KLCI closed the year just below the 1,500 mark despite initial solid window dressing activities to end 4.6% lower in 2022.
- For today, we expect accumulation on stocks to persist as we enter into 2023 with fresh a portfolio thus see the index to trend between the 1,490-1,500 range.
- Construction stocks should see some buying interests today as we noticed emergence of positive newsflow while the Oil & Gas stocks may also attract buying interests with the Brent crude price trending near the US$86/barrel.
