Daily Market Report (29 August 2023)
- Wall Street kicked off the week with gains, rising for a second consecutive session and recouping some losses from the summer stock-market slide despite the strong bond yields with the DJIA added 213 points charging ahead the 35,000 level.
- In Hong Kong, the stock market experienced an upward trend following Beijing's move to reduce the stamp duty on onshore equity transactions by 50% and to loosen margin requirements.
- These policy adjustments were implemented to restore trust and optimism among investors.
- It's worth mentioning that China Evergrande's stock value plummeted after it concluded a 17-month trading suspension.
- On the domestic front, shares in Bursa Malaysia ended broadly higher with buying interests mainly on property and construction stocks.
- Nonetheless, the FBM KLCI closed marginally lower due to lack of buying interests as investors have shifted their focus to smaller stocks.
- We expect bargain hunting will emerge given the improving global market sentiment and expect the benchmark index to trend within the range of 1,440-1,450 for today.
