Daily Market Report (30 October 2023)
- Wall Street continued with its decline as traders largely ignored the recent spate of corporate earnings in a bid to navigate out from prevailing confluence of headwind.
- As a result, the DJI Average lost 367 points while the Nasdaq managed to stay above water adding 47 points supported mainly by Amazon while the US 10-year yield remains stubbornly high at 4.845%.
- Over in Hong Kong, the HSI jumped 354 points as more companies are supporting share buy-back plans which lifted confidence following the unveiling of the 1 trillion Yuan issuance of special government bonds.
- On the home front, the FBM KLCI ended slightly higher amid a lacklustre session last Friday.
- Sentiment remains cautious in view of the heightened volatility on Wall Street and the global currencies versus the US$.
- Therefore, we believe trading activities on the local bourse may remain muted as we head towards 3Q2023 results season.
- For today, we expect the index to trend between the 1,435-1,445 range.
- Meanwhile, crude oil prices rebounded with the Brent crude closing above the US$90/barrel level again on prevailing tension in the Middle east.
