Daily Market Report (7 March 2023)
- Wall Street closed mixed as sentiment remained cautious ahead of Federal Reserves’ Chairman Jerome Powell congressional testament today and tomorrow.
- Though the DJI Average was up 40 points, the Nasdaq declined by 13 points as the US 10-year yield stayed at 3.96%.
- In Hong Kong, the HSI added 36 points as investors were rather disappointed with a conservative economic growth target of 5% for China during the “Two Sessions” meeting over the weekend.
- Nonetheless, many are expecting some additional stimulus by the new incoming Premier next week.
- Back home, the FBM KLCI ended marginally lower attributed to some last minute selling activities namely on the Banks and Telco related stocks.
- For today, we reckon sentiment to remain cautious as investors may opt to stay sidelined ahead of the Bank Negara’s MPC meeting over the next 2 days.
- As such, we reckon trading to be lackluster today and expect the index to trend between the 1,450-1,460 range.
- There may be some headwinds on the Oil & Gas stocks today as global demand is expected to wane due to the lower than anticipated China’s growth forecast.
