Daily Market Report (22 March 2023)
- Wall Street extended its relief rally yesterday as sentiment turned positive following Treasury Secretary Janet Yellen’s reassurance to safeguard against further banking crisis.
- Meanwhile, traders are also hoping a slower pace of rate hike from the FOMC today.
- As such, the DJI Average added 316 points while the Nasdaq jumped by 185 points while the US 10-year yield edged higher to 3.61%.
- In Hong Kong, stocks also improved with the HSI closing 258 points higher as concerns over the banking crisis eased from efforts by the US and Europe regulators to shore up confidence.
- Back home, the FBM KLCI ended slightly higher despite sentiment remains rather cautious amid the heightened volatility of global equities.
- For today, we expect the local bourse’s uptrend to continue buoyed by the positive performance on Wall Street, thus see the index to hover within 1,405-1,415 on persistent bargain hunting activities.
- With interests shifted back to equities, gold prices declined to below USD1,945/oz following a spike up over the past few days.
- As for crude oil price, the Brent crude recovered to above USD75/barrel as concerns over the banks receded.