Daily Market Report (15 September 2023)

Wall Street closed higher thanks largely to the successful listing of ARM despite both the headline CPI and PPI for August coming in slightly higher than expected.
Nonetheless, consensus is of the view that the Feds will not hike interest rates this month.
As such, the DJI Average rose 331 points while the Nasdaq increased by 112 points as the US 10-year yield edged higher to 4.286%.
As for Hong Kong, the HSI halted its 6-day decline on improving rate outlook in the US.
China’s latest cut in its RRR by 25bps injecting around US$69bn to aid its recovery should boost sentiment for now.
Meanwhile, EU’s probe on China’s EV subsidies may ignite some discontentment.
On the domestic front, the FBM KLCI declined slightly to below the 1,450 level due mainly to Maybank’s ex-dividend price adjustments.
As market undertone for the local bourse remains solid firmly supported by stock accumulation, we anticipate the index to hover between the 1,450-1,460 range today.
Focus may return to Oil & Gas stocks as the Brent crude had surged past US$93/barrel in view of supply shortfall.