Daily Market Report (3 July 2023)
- Wall Street maintained its impressive run spearheaded by technology big names.
- However, sentiment has turned cautious as traders are expecting heightening volatility.
- The DJI Average gained 285 points while the Nasdaq jumped by 196 points despite the US 10-year yield ended above the 3.8% mark at 3.841%.
- Meanwhile in Hong Kong, the HSI closed marginally lower as economic activities remained lacklustre as Chinese manufacturing contracted while loan demand fell in the 2nd Quarter.
- Back home, the FBM KLCI closed broadly lower attributed to the selling on financials.
- \With BNM Monetary Policy Committee set to meet this Wednesday and Thursday.
- Though we maintain that OPR will not be adjusted this week, sentiment is expected to stay fragile thus we anticipate the index to hover within the 1,370-1,380 range today.
- Tech stocks are set to see some buying interests today taking cue from Wall Street.
