Daily Market Report (8 June 2023)
- Wall Street closed on a mixed note following a commendable performance of late.
- The DJI Average gained 92 points buoyed mainly by the buying of regional banks where share price collapsed during the height of the banking crisis.
- Meanwhile, the Nasdaq lost 171 points as the US 10-year yield surged to 3.793% ahead of next week’s Feds meeting.
- In Hong Kong, the HSI added 153 points or a 2-week high on hopes that Beijing will come out with more support to aid China’s economic recovery after a slump in external trade.
- On the home front, the FBM KLCI continued with its downward trajectory with no buying support in store.
- Despite the index now hovering almost at its 52-week low, investors preferred to remain side-lined.
- We expect trading on the local bourse to stay quiet in the absence of buying catalysts thus expect the index to trend within the 1,375-1,385 range today.
- The Energy sector may counter some headwinds today amid the higher US 10-year yield implicating more hikes in rates from the upcoming FOMC meeting.
