Daily Market Report (9 March 2023)
- Wall Street ended mixed as concerns over Jerome Powell’s comment of a prolonged high interest rates environment continue to spook traders.
- As such, the DJI Average declined by 58 points while the Nasdaq rebounded by 46 points as the US 10-year yield inched higher at almost the 4.0% mark.
- In Hong Kong, the sell-down on Hong Kong equities gathered pace on fresh concerns over China’s latest overhaul on regulation over the financial sectors.
- As a result, the index lost a massive 483 points to end at just above the 20,000 level.
- On the domestic front, the FBM KLCI maintained its lackluster performance as the index fell 4 points amid a weak regional performance.
- For today, we reckon the index to remain stuck within a tight range of between 1,450-1,460.
- Meanwhile, reports that the RM50-55bn High Speed Rail (HSR) project could be revived provided it is funded by the private sector should inject some excitement into the Construction sector.
- Amongst others, we believe contractors namely Gamuda, YTL Corp, MRCB and IJM Corp could be the frontrunners for the project.
