Daily Market Report (30 January 2023)
- Wall Street closed on a positive note supported by strong corporate earnings guidance and better than expected economic growth.
- The DJI Average gained 29 points while the Nasdaq jumped by 109 points as the US 10-year yield maintained at 3.51%.
- Meanwhile the bulls continue rages on in Hong Kong as the HSI added 122 points to end at a 11-month high buoyed by high expectations of China’s recovery.
- YTD the HSI has experienced a 14.7% rally, the best start since 1984. However back home, the local bourse remains stuck in a consolidation mode as the FBM KLCI again closed marginally lower.
- Nonetheless, we noticed funds are shifting into the smaller caps on improving daily volume.
- Meanwhile, we maintain our stance that the index to hover within the 1,495-1,505 range today with focus on the Plantation stocks as the CPO futures rebounded past RM3,900/tonne on weaker output.
