Daily Market Report (16 October 2023)
- Wall Street closed on a mixed note as sentiment was spooked by the spike in crude oil prices renewing worries over rising inflation.
- As such, though the DJI Average gained 39 points, the Nasdaq declined by 167 points despite the US 10-year yield easing to 4.617%.
- In Hong Kong, the HSI retreated by 425 points after both the producer and consumer prices came in lower than expectations reigniting concerns over China’s recovery rate.
- On the home front. The FBMKLCI ended flat as all eyes were on the tabling of Budget 2024 last Friday.
- We believe the post-Budget reaction on the local bourse to be neutral though we expect buying support on the Construction players to persist.
- As for the broader market, we anticipate it to remain lacklustre thus expect the index to hover within the 1,440-1,450 range today.
- Meanwhile, crude oil prices surged as Israel began their ground raids inside the Gaza strip.
- As a result, the Brent crude closed at almost US$91/barrel.
