Daily Market Report (6 October 2023)
- Wall Street ended marginally lower as traders are waiting for big jobs data later today that could determine the next move for interest rates.
- In addition are also concerns over the potential Government shutdown come mid-November may prompt more downgrades on the US credit rating.
- As a result, the DJI Average lost 10 points while the Nasdaq declined by 16 points as the US 10-year yield eased to 4.721%.
- In Hong Kong, the HSI staged a mild rebound from bargain hunting activities amid an oversold market following a month-long slump.
- Back home, the FBM KLCI closed flat as traders were sidelined in the absence of fresh buying catalysts.
- We noticed there were some accumulations on Construction counters ahead of next week’s 2024 Budget as we expect numerous infra-related projects may be announced then.
- For today, we expect some accumulation to emerge after a week of consolidation thus expect the index to hover within the 1,410-1,420 range.
- Meanwhile, the decline of crude oil price continues with the Brent crude dipping to US$84/barrel as worries on demand persists.
