Daily Market Report (9 August 2023)
- Wall Street closed lower following Moody’s downgrade on the US banking sector reigniting concerns of potential crisis within the sector.
- The DJI Average lost 159 points while the Nasdaq declined by 110 points as the US 10-year yield inched past the 4% mark to 4.028%.
- In Hong Kong, the HSI slumped 354 points or to a 2-week low on concerns over China’s slowdown after its exports dipped 14.5% in July which was the biggest decline in 3 years while imports fell 12.4% vs the 5.6% estimate.
- Back home, the FBM KLCI maintained its uptrend to stay above the 1,450 level as foreign buying continue especially on the Banks yesterday.
- While we believe the index to see more upside going forward, fresh concerns over the US banks may impact sentiment in the immediate term hence expect the index to trend within the 1,445-1,455 range today.
- We noticed CPO price has weakened sharply over the past week thus may add pressure to the Plantation sector.
