Daily Market Report (7 June 2023)
- Wall Street closed modestly firmer as all 3 major indices are currently hovering at a 9-month high while waiting for the FOMC meeting next week.
- The DJI Average added a mere 10 points following some late buying activities as the Nasdaq gained 47 points with the US 10-year yield declined marginally to 3.677%.
- Over in Hong Kong, the HSI ended on a flat note, off the day’s high largely propelled by property counters as China’s property developers advanced on hopes that Beijing will deliver some stimulus to the sector soon.
- Nonetheless, profit-taking activities emerged in the afternoon session thus pushing the index lower.
- Back home, the FBM KLCI closed slightly higher predominantly due to late accumulation of Plantation stocks.
- For today, we reckon trading to remain subdued as sentiment continue to stay cautious amid prevailing political scenario.
- Therefore, we expect the index to trend between the 1,380-1,390 range today.
- Again, we advocate investors to look at Banking stocks following a spate of solid results for the 1Q and that the Financial Index is currently trading at a 6-month low.
