Daily Market Report (8 February 2023)
- Wall Street closed on a strong note as traders welcomed Federal Reserves chairman statement of disinflation along with less aggressive interest rate adjustments.
- As such, the DJI Average gained 266 points while the Nasdaq jumped by 226 points with the US 10-year yield ended higher to 3.68%.
- In Hong Kong, the HSI added 76 points on bargain hunting activities from mainland Chinese funds following recent downtrend that saw the index declined by almost 4% over the past few days.
- Back home, the FBM KLCI played catch-down as selling on the blue chips gathered momentum as the index closed broadly lower to below the 1,480 level.
- Nonetheless, we reckon bargain hunting activities should emerge anytime soon as the index is currently hovering at a 1-month low.
- Therefore, we reckon the index to possibly trend between the 1,480-1,490 range today with focus on the Banks which took a massive hit yesterday and Energy stocks buoyed by rebound in crude oil prices with the Brent crude hitting above US$84/barrel.
