Daily Market Report (12 October 2023)
- Wall Street closed positively amidst on a cautious mode as traders are waiting for the consumer inflation data later today.
- Meanwhile, many are betting that the Federal Reserves may pause its rate hike this November but prolonging prevailing elevated rate environment indefinitely.
- Therefore, while the DJI Average gained 65 points, the Nasdaq added 97 points as the US 10-year yield eased to 4.558%.
- Over in Hong Kong, the HSI jumped by 228 points on optimism of a stronger Chinese economic recovery and that the US may stop hiking rates going forward.
- On the home front, the FBM KLCI managed to close slightly higher but failed to surpass the 1,440 mark as trading remained rather lacklustre despite a more robust regional performance.
- Though we reckon the inflow of foreign funds to persists, the benchmark index needs to see a solid uptrend to beyond the 1,450 level soonest possible to maintain its upward trajectory since mid-July.
- For today, we believe the underperforming Telco sector may experience some bargain hunting activities and expect the index to hover within the 1,435-1,445 range.
