Daily Market Report (29 September 2023)
Fri, Sep 29, 2023 7:52 AM
- Wall Street closed higher despite being faced with numerous headwinds namely high treasury yields and a possible shutdown on October 1.
- The DJI Average added 116 points while the Nasdaq gained 108 points as the US 10-year yield edged to 4.579% which is new a 15-year high.
- Meanwhile in Hong Kong, the HSI tumbled 238 points on concerns over the rising US treasury yield, high crude oil prices and the deepening China property woes as trading on China Evergrande was suspended after several executive from the company were detained.
- On the local front, the FBM KLCI ended lower to the 1,440 level due to the lack of fresh catalysts amid a mixed regional performance.
- Selling was broad-based although some buying was seen on energy stocks predominantly due to the strong crude oil prices.
- Though we expect some degree of bargain hunting to return, market undertone remains cautious thus we expect the index to hover between the 1,435-1,445 today.
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