Daily Market Report (2 October 2023)
- Wall Street ended mixed last Friday over the looming US Government shutdown as the DJI Average declined by 159 points while the Nasdaq gained 18 points.
- Nonetheless, at time of writing (1st Oct, Sunday) President Biden signed a stopgap bill to avert the shutdown passed by the Congress until 17th November.
- Meanwhile, the US 10-year yield stays at 4.579%.
- In Hong Kong, the HSI rebounded by 436 points as bargain hunting emerged after the sell-down since early September.
- However, sentiment remains jittery over the deepening debt crisis of property developer China Evergrande coupled with the ineffective stimulus package by the Government.
- Back home, the FBM KLCI tumbled sharply to below the 1,425 level in the absence of any buying support despite the improving regional performance.
- For today, we reckon bargain hunting activities to emerge buoyed by the positive developments in the US thus expect the index to trend higher to within the 1,430-1,440 range.
