Daily Market Report (19 September 2023)

Wall Street closed flat amid a lackluster day as traders are sidelined ahead of the Feds FOMC meeting tomorrow.
As a result, the DJI Average added 6 points while the Nasdaq gained 2 points as the US 10-year yield eased to 4.303%.
Though consensus is expecting the Feds to maintain interest rates tomorrow, many are concerned by uptick in the inflationary data recently especially by the latest surge in crude oil prices.
In Hong Kong, the HSI slumped to below the 18,000 level again as sell-down continues with the negative outlook of the Chinese Yuan which declined to a 16-year low coupled with the detainment of several executive in Evergrande Group.
Nonetheless, we are of the opinion that the cheaper Yuan may actually spur Chinese exports going forward.
Back home, persistent accumulation of blue chips saw the FBM KLCI pared earlier losses to close almost flat.
We reckon trading to be on a cautious mode today with an eye on the Feds move tomorrow thus expect the index to hover between the 1,455-1,465 range.