Daily Market Report (5 October 2023)
- Wall Street staged a relief rebound after days of decline following a lower than expected private payroll additions for September notwithstanding that the US 10-year yield remains elevated at 4.739%.
- Bargain hunting activities lifted the DJI Average 127 points higher while the Nasdaq jumped by 176 points.
- In Hong Kong, the HSI declined 135 points as sentiment remains impacted by interest rates movements despite a mild rally from China Evergrande.
- The HSI had tolerated a volatile month so far hovering between the 17,200-18,500 range.
- Back home, the FBM KLCI continues to slide to close around the 1,415 mark due to the lack of catalysts amid a mixed regional performance.
- However, we believe a rebound should occur anytime soon thus expect the index to hover within the 1,415-1,425 range today.
- Meanwhile , Energy stocks may face with some road bumps today following the slump in crude oil price that saw the Brent tumbled to below the US$86/barrel from US$91/barrel overnight attributed to expected weakening demand amidst the high interest rates environment.
