Daily Market Report (9 January 2023)
- Wall Street surged as latest economic data suggest that inflation in the US may be cooling off hence possibly less aggressive rate hikes from the Federal Reserves going forward.
- The DJI Average jumped 700 points while the Nasdaq added 264 points with the US 10-year yield easing to the 3.56% level.
- Over in Hong Kong, the HSI closed 60 points lower but still capped a brilliant performance for the week on improving confidence buoyed by economic friendly moves from the Chinese government.
- On the home front, the FBM KLCI ended flat due to some late buying activities depicting some support at current levels.
- We reckon such stock accumulation to continue thus expect the index to trend between the 1,480-1,495 range today.
- Though we anticipate buying to be broad based, we reckon interests should remain on the Construction and Tourism related sectors today.
