Daily Market Report (4 January 2023)
- Wall Street closed on a weak note dragged by both Apple and Tesla due to demand concerns on recessionary fears.
- The DJI Average lost 11 points while the Nasdaq gave up almost 80 points despite the US 10-year yield ended lower at 3.75%.
- Over in Hong Kong, the HSI welcomed 2023 on a strong note as it jumped by 364 points to above the 20,000 mark buoyed by optimism on China’s reopening notwithstanding the resurgence of Covid cases.
- Macau casino operators led gainers while tech giants also jumped on better regulatory conditions.
- Back home, the FBM KLCI slumped on broad-based selling as the market is digesting the recent buying activities towards the close of 2022.
- However, we reckon this present excellent opportunity for investors to accumulate on stocks especially on the large sectors namely Banks, Plantation and Telco hence expect the index to trend between the 1,470-1,485 today.
