Daily Market Report (8 September 2023)
- Wall Street struggled to close on a mixed note as sentiment remains affected by the likelihood of more rate hikes by the Feds later this month attributed to the still strong labour market.
- As a result, though the DJI Average added 57 points, the Nasdaq lost 124 points despite the US 10-year yield easing to 4.25%.
- In Hong Kong, the HSI continue to slide as it lost almost 250 points in view of China’s weak exports in August underpinning hopes for more aggressive stimulus.
- Meanwhile, the Chinese Yuan also declined to a 15-year low from averaging 6.4 earlier this year to currently 7.3/US$1 or a drop of 18%.
- Back home, the FBM KLCI ended flat due to some late barging hunting activities despite the regional weakness.
- Although we believe sentiment to stay cautious in view of the external factors, we remain positive that accumulation of stocks to persist hence expect the index to hover within the 1,460-1,470 range today.
