Daily Market Report (13 September 2023)

  • Wall Street closed lower as traders wait for the CPI data today.
  • Though the DJI Average slid by a marginal 18 points, the Nasdaq saw a sharper 144 points decline predominantly dragged by weak results from Oracle which spread to other tech companies.
  • Meanwhile, the US 10-year yield eased slightly to 4.28%.
  • Over in Hong Kong, the HSI maintained its losing streak as sentiment remains affected by the weak Chinese housing market.
  • As for the local bourse, the FBM KLCI ended mildly lower but off the day’s low amid the presence of stock accumulation during the afternoon session.
  • Interestingly, there was buying on Plantations stocks despite the weakening CPO price to below RM3,700/tonne due to high stockpile.
  • Anyhow, despite prevailing external volatility, we reckon market undertone is still firm hence expect the index to hover within the 1,450-1,460 range today.
  • Interests may shift to the Oil & Gas counters today buoyed by the spike in crude oil prices as the Brent crude had trended past US$92/barrel attributed to tight supply.