Daily Market Report (31 January 2023)
Daily Market Report (31 January 2023)

Daily Market Report (31 January 2023)

  • Wall Street closed broadly lower as sentiment turned cautious ahead of the Federal Reserves meeting today and tomorrow with many expecting another rate hike.
  • The DJI Average declined by 261 points while the Nasdaq lost 228 points as the US 10-year yield edged higher to almost 3.54%.
  • In Hong Kong, the equity market took a breather as the HSI tumbled by 619 points due to some profit taking activities after a strong run-up so far this year.
  • Nonetheless, we reckon market undertone remains solid as China was further upgraded by Goldman Sachs.
  • Back home, the FBM KLCI closed on a positive note to almost the 1,500 level from late broad based buying.
  • Trading on the local bourse has been lackluster amongst the blue chips as the benchmark index was stuck within a 5-point range over the past 2 weeks.
  • Therefore, we reckon trading pattern should remain the same today with the index to trend between the 1,495-1,505.
  • With Budget 2023 slated to be tabled on 24th February, we believe buying interests returning to Construction stocks as we see many projects to be rolled-out to revive the nation’s economy.
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