Daily Market Report (1 September 2023)
- Wall Street ended mixed as all 3 major indices closed on a day’s low as traders are looking at August job data later today.
- Reflecting the cautious sentiment, the DJI Average lost 168 points while the Nasdaq added 16 points as the US 10-year yield slid slightly to 4.106%.
- Over in Hong Kong, the HSI declined by another 100 points as the exodus of foreign funds continue.
- Concerns over the slump in China’s manufacturing activity and debt woes amongst the Chinese developers persist to plague sentiment as recent supportive measures implemented may be insufficient to spur overall demand.
- Back home, the FBM KLCI closed lower ahead of the National Day celebration yesterday but maintained at above the 1,450 mark.
- For today, we reckon some buying to return albeit at a muted level amid another mix regional performance thus expect the index to trend between the 1,450-1,460 range today with focus possibly shifted to the Planters following another impressive trend by the CPO currently at around the RM4,000/tonne level.
