Daily Market Report (4 September 2023)
- Wall Street closed mixed despite a strong opening following a slight uptick in the US unemployment rate to 3.8% in August from 3.5% before.
- Nonetheless, sentiment remains cautious.
- Therefore, although the DJI Average gained 115 points, the Nasdaq ended 3 points lower as the US 10-year yield inched higher to 4.181%.
- Meanwhile, trading on Hong Kong market was halted last Friday because of Typhoon Saola.
- However, we expect the HSI to see a positive reaction today after more measures were implemented to ease the Chinses ailing property sector plus a cut in the foreign currency reserve requirement ratio from 6% to 4% to stem the declining Yuan against the US$.
- Back home, the FBM KLCI maintained its impressive performance.
- As market undertone continues to improve, we reckon the index to trend within the 1,460-1,475 today.
- Meanwhile, Oil & Gas counters may see some action today as crude oil prices are trending higher in view of the decline in inventory and cut in production with the Brent crude is currently hovering near the US$89/barrel.
