Daily Market Report (3 March 2023)
- Wall Street closed firmer from another relief rally due to strong late buying on US equities amid some mixed signals on the economic front as traders are betting on another 25bps hike by the Federal Reserves this month.
- As a result, the DJI Average gained 342 points while the Nasdaq added 83 points despite the higher US 10-year yield edged at 4.06%.
- In Hong Kong, following a strong recovery a day before, profit taking activities saw Hong Kong equites closed lower yesterday as the HSI declined by 190 points.
- Meanwhile, investors are waiting for additional stimulus during the National People’s Congress meeting over the weekend.
- At home, the FBM KLCI finally closed positively after 6 days of consecutive declines attributed to bargain hunting activities particularly on Plantation and Telco related stocks.
- As such, the index managed to end above the 1,455 level and we reckon such accumulation to persist thus expect the index to tend between the 1,450-1,460 range today.
- The just concluded results season saw a rather good performance from corporate Malaysia with no drastic revision on earnings growth is seen at around 10% this year.
- Earnings from the Banks remained resilient, and we anticipate some buying interests on the Banks today.
