Daily Market Report (26 September 2023)
Tue, Sep 26, 2023 8:03 AM
- Wall Street closed marginally higher mainly due to bargain hunting activities after 4 days of decline.
- Nonetheless traders were mostly sidelined in view of the surging US 10-year yield which topped 4.531% or the highest since 2007.
- As such, the DJI Average added a mere 43 points while the Nasdaq gained 59 points.
- In Hong Kong, the HSI slumped by more than 300 points on concerns over China’s property woes following China Evergrande Group’s cancellation of its creditor meeting as it was unable to meet regulatory requirements for new bond issuance hence dragged the broader property sector lower.
- At home, the FBM KLCI declined to below the 1,455 mark amid a weaker regional performance.
- Despite the broad-based decline, we noticed the Construction sector managed to garner some buying interest to close higher.
- Judging by the non-committal stance on Wall Street, we believe sentiment on the local bourse may turn slightly cautious thus expect the index to hover between the 1,440-1,450 range today.
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