Daily Market Report (5 September 2023)
- Wall Street was closed for Labour Day yesterday and a look at the futures of the 3 major indices indicate that sentiment remains rather cautious at the moment.
- In Hong Kong, the HSI predictably gave a solid performance after a weak August as traders are expecting more stimulus to be rolled out to prop up the ailing Chinese property market as Country Garden averted a potential default.
- The Hong Kong market was further spurred on by EV makers namely BYD and LI Auto following record sales in August.
- Back home, the FBM KLCI failed to make any significant inroads due to intermittent profit taking activities as the benchmark index closed on a flat note.
- Nonetheless, we remain confident that buying activities will persist as illustrated by the improving turnover which surpassed the 4bn mark over the last 2 days.
- Therefore, we expect the index to hover within the 1,460-1,470 range today.
- Meanwhile, the Brent crude finally touched the US$89/barrel which is a YTD high.
