Daily Market Report (27 September 2023)
Wed, Sep 27, 2023 8:06 AM
- Wall Street ended with sharp losses as renewed worries about the state of the US economy were triggered by disappointing reports on home sales and consumer confidence.
- The DJI Average declined by 388 points, and the Nasdaq fell by 207 points.
- In Hong Kong, the HSI dipped 262 points on concerns over China’s property woes and fears of a slowdown in the world’s second-largest economy.
- At home, the FBM KLCI added 2 points due to bargain hunting activities.
- Given the underwhelming showing of Wall Street in the last session, we foresee investors being more cautious in their actions.
- The Brent Crude futures remained elevated at above US$92 per barrel, we expect the O&G stocks should attract more attention.
- Given the circumstances, we expect sentiment on the local exchange to become somewhat cautious, which leads us to project the index will hover around the 1,440-1,450 range today.
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