Daily Market Report (7 February 2023)
- Wall Street closed lower as traders became wary of rising bond yield amid some profit taking activities.
- The DJI Average lost 36 points while the Nasdaq erased 120 points as the US 10-year yield edged higher to above 3.64%.
- Over in Hong Kong, the HSI continued with its correction as it declined by 438 points on a weak corporate earnings outlook.
- On the home front, the FBM KLCI ended flat as sentiment remained cautious.
- However, we reckon bargain hunting may emerge anytime soon as the index was stuck within a consolidation phase over the past 3 weeks.
- Therefore, we expect some accumulation on the Telcos and Utilities stocks to emerge hence expect the index to trend between the 1,490-1,500 range today.
- Meanwhile, better demand had pushed crude oil prices higher to almost US$81/barrel.
