Daily Market Report (31 May 2023)
- It was another mixed session on Wall Street as traders wait for the Congress to vote on the hike of the US debt ceiling of which an agreement had already been reached between the Republican and Democrat.
- As such, the DJI Average lost 50points while the Nasdaq added 42 points as the US 10-year yield eased to 3.694%.
- Meanwhile, Hong Kong stocks snapped its week-long downtrend as the HSI closed 45 points higher on hopes that the US debt ceiling impasse will be resolved.
- On the domestic front, the FBM KLCI ended to below the psychological 1,400 level as sentiment remained edgy amid the prevailing political climate ahead of the state elections.
- Selling was apparent on selected Banking and Plantation heavyweights late in the session.
- We reckon bargain hunting activities to emerge if the index touch the 1,390 mark and would advise accumulation on Banking stocks.
- For today, we expect the index to hover within the 1,390-1,400 range.
