Daily Market Report (10 October 2023)
- Wall Street closed positively after a slow start as traders shook off the deadly Israeli-Hamas conflict late in the session.
- As a result, the DJI Average jumped 197 points while the Nasdaq gained 53 points.
- The bond market was closed for Columbus Day yesterday.
- Nonetheless, crude oil prices surged in a knee jerk reaction from the conflict with the Brent crude edged past US$88/barrel and may derail the Federal Reserves attempts to manage inflation.
- Over in Hong Kong, the HSI ended 31 points higher as trading resumed in a typhoon interrupted session yesterday.
- Buying interests were mostly centred on oil related stocks in view of the conflict along the Gaza strip.
- Back home, the FBM KLCI ended marginally higher supported by buying interests predominantly on Energy stocks.
- For today, we reckon trading to remain subdued in line with the latest developments in the middle east thus sentiment should stay cautious and expect the index to hover within the 1,415-1425 range today.
- Meanwhile, we believe Banking stocks may be ripe for some accumulation following its downtrend since early September.
