Daily Market Report (5 January 2023)
- Wall Street closed on a positive note as all 3 major indices staged a relief rebound amid a choppy trading session.
- The DJI Average gained 133 points while the Nasdaq added 72 points as the US 10-year yield slid to around the 3.69% level.
- Hong Kong market maintained its impressive performance for 2023 so far underpin by news that China will inject fiscal stimulus to revive the ailing economy.
- As such, the HSI jumped by almost 650 points to close at a 5-month high.
- On the home front, the FBM KLCI remained depressed as profit taking activities persists.
- Though we noticed there were some bargain hunting activities, overall sentiment remain rather dull as the local bourse is undergoing a mild consolidation.
- Nonetheless, we still reckon local equities are ripe for accumulation and that the index may stage a rebound anytime soon hence expect it to trend within the 1,465-1,475 range today.
- Meanwhile, concerns over softening US demand saw crude oil prices plummet with the Brent crude weakened to US$78/barrel thus may impact the Oil & Gas stocks today.
