Daily Market Report (11 September 2023)
- Wall Street closed marginally higher despite expectations of more rate hikes by the Federal Reserves later this month.
- Nonetheless, recent curbs by China to use iPhone by government employees should create more ripple effects within the tech sector.
- While the DJI Average added 76 points, the Nasdaq gained almost 13 points as the US 10-year yield inched slightly higher at 4.26%.
- Hong Kong market was closed due to severe storm warning last Friday.
- On the home front, the FBM KLCI failed to maintain its uptrend amid a weakened regional performance.
- We are particularly concerned about the sharp decline in volume last Friday and hope that it will improve in due course.
- The recently concluded Pulai by-election should inject additional political stability for the country thus expecting more funds to flow into the equity market.
- As such, despite sentiment remains in cautious mode we expect the index to hover within the 1,450-1,460 range today with interest on the Oil & Gas counter buoyed by the spike in crude oil prices that saw Brent crude closing in on US$91/barrel.
