Daily Market Report (30 August 2023)
- Wall Street closed broadly higher as sentiment was boosted by the latest decline in consumer sentiment and job opening in July illustrating that the US economy may be cooling down.
- As a result, the DJI Average gained 293 points while the Nasdaq jumped by 239 points as the US 10-year yield eased to 4.12%.
- In Hong Kong, the HSI maintained its upward trajectory as investors’ confidence continued to be elevated by China’s recent cut in transaction costs coupled with improved earnings amongst the Hang Seng Index constituents.
Back home, the FBM KLCI surged past the 1,450 mark underpinned by solid buying support from foreign funds across the board. - Though we believe the same can be expected today, we reckon buying may be muted somewhat as the local bourse will be closed in celebration of Hari Merdeka tomorrow.
- Therefore, we expect the index to hover between the 1,450-1,460 range with interests to focus on the telcos in view that the equity holdings in Digital Nasional Bhd (DNB) will be finalized today.
