Daily Market Report (8 August 2023)
- Wall Street rebounded after a week of fluctuations as sentiment was boosted by strong set of corporate earnings hence yesterday’s bargain hunting activities.
- The DJI Average jumped by 407 points while the Nasdaq added 85 points as the US 10-year yield inched higher at 4.097%.
- In Hong Kong, the HSI ended flat amid a choppy session as traders turned into cautious mode reassessing the impact on China’s stimulus measures to reignite the ailing economy.
- On the home front, the FBM KLCI closed flat despite some profit takings on selected blue chips.
- Market undertone remained strong as we noticed persistent accumulation on blue chips.
- As we enter into corporate earnings season for the 2Q, we reckon focus may be shifted to the Banks, Telcos and Utilities as consensus are expecting these to chart decent earnings growth this year.
- Thus, we anticipate the index to trend within the 1,445-1,455 range today.
