Daily Market Report (4 July 2023)
- Wall Street closed marginally higher on a shortened trading session ahead of the 4th of July holiday today.
- Gains were mostly attributed to enthusiasm on AI related stocks as the Nasdaq added 29 points while the DJI Average was up by 11 points despite the US 10-year yield closing higher at 3.858%.
- Hong Kong equities improved with the HSI jumped 390 points as sentiment improved over Janet Yellen’s imminent visit to China indicating the tension between China and US may be easing.
- Back home, the FBM KLCI added 19 points to almost the 1,400 mark buoyed by broad-based buying on heavyweights amid a stronger regional performance.
- Hopefully yesterday’s buying spree was spearheaded by foreign funds and if this is true, then we may see more funds flowing back into Asia as foreign funds begin to diversify.
- For today, we reckon Financials and Tech stocks may experience continuous buying support despite market undertone to stay cautious ahead of BNM’s meeting tomorrow.
