Daily Market Report (14 September 2023)
- Wall Street closed on a mixed note as the US inflation reading came in higher than expected for the month of August.
- As a result, the DJI Average lost 70 points while the Nasdaq added almost 40 points thanks largely to gains from Tesla and Amazon.
- Meanwhile, the US 10-year yield eased to 4.254%.
- As for the Hong Kong market, the HSI completed its 6th day of losses on concerns over China’s economic recovery despite developer Country Garden obtained temporary reprieve from its creditors to delay bond payments.
- Back home, the FBM KLCI closed flat following some late buying activities.
- Though the local bourse seems to be well supported currently, underlying sentiment is still cautious as daily volume traded is still lower than desired.
- Nonetheless, we reckon persistent accumulation on the blue chips will eventually see spillover effects on the smaller cap stocks.
- For today, we reckon the index to hover between the 1,450-1,460 range again.