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.