Daily Market Report (12 September 2023)
- Wall Street closed higher as traders are betting that there may a shift in policy and that the Federal Reserves will pause with rate hike next week as we wait for the CPI and PPI figures which will to be out tomorrow and Thursday.
- As a result, the DJI Average gained 87 points while the Nasdaq added 156 points as the US 10-year yield edged higher to 4.294%.
- In Hong Kong, the HSI dipped to almost the 18,000 mark mainly attributed to the sharp decline in Alibaba following the resignation of its CEO Daniel Zhang from all positions in the e-commerce group.
- Back home, last minute buying helped push the FBM KLCI to close flat after a lacklustre day as sentiment remained cautious.
- For today, we reckon trading on the local bourse to stay muted and expect the index to hover between the 1,450-1,460 range.
- Meanwhile, higher predicted stockpile for palm oil saw the CPO prices weaken to a month low at around the RM3,700/tonne.
- On a positive note, the construction sector may see some action as news that the RM43bn Melaka Gateway will be revived following the approval of guidelines and regulations by both the federal and State government.
