Daily Market Report (30 May 2023)
- Wall Street is closed for Memorial Day on Monday.
- With the US debt ceiling still pending, the DJI Average Futures is trading on a positive note at time of writing amid optimism that a deal would be struck soon.
- Over in Hong Kong, sentiment was further dampened by the fall in China’s industrial profits as the HSI lost 196 points to hover just above the 18,500 level or around a 6-month low.
- Back home, the FBM KLCI closed marginally higher attributed to late buying on Plantation, Energy and Utilities counters following a choppy session.
- In view of the mixed trading pattern amongst the regional markets, we reckon today will see another lackluster performance from the local bourse.
- Hence, we expect the index to again trend within the 1,400-1,410 range.
- Latest spate of earnings from the Banks were decent but is still largely being ignored by the investing public.
- We would advocate accumulation on the Banks as earnings should be solid for this year.
