Daily Market Report (25 September 2023)
Mon, Sep 25, 2023 9:04 AM
- Wall Street continued with its downtrend weighed by comments from the Federal Reserves that high interest rate environment may be prolonged indefinitely, crushing any hopes that the Feds will lower interest rates towards year end.
- As such, the DJI Average lost 106 points while the Nasdaq declined by 12 points with the US 10-year yield easing slightly to 4.438%.
- In Hong Kong, the HSI rebounded by more than 400 points on bargain hunting activities as Goldman Sachs sees a stronger economic recovery for China over the next few months.
- Back home, the FBM KLCI managed to close above the 1,450 level supported by late buying activities.
- Though daily volume traded has not improved, we are heartened that accumulation of blue chips remains strong.
- For today, we expect the index to hover between the 1,445-1,455 range.
- Meanwhile, the noise within the Construction sector is getting louder and we believe that any impending announcements of projects will catapult the sector to higher levels.
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