Daily Market Report (9 October 2023)
- Wall Street rebounded following strong job data amid a slower than expected rise in overall wages.
- For September, the US economy added 336,000 jobs beating expectations of 170,000 thus maintaining unemployment rate at 3.8%.
- As such, the DJI Average added 288 points while the Nasdaq jumped by 211 points with the US 10-year edging higher at 4.795%.
- However, the situation remains unclear if the Feds will adjust interest rates as consensus reckons, they will maintain status quo (no change).
- In Hong Kong, the HSI gained 272 points as traders turned positive on China’s strengthening economic recovery coupled with speculations of more easing of measures for the property market.
- Back home, though the FBM KLCI ended in positive territory, trading remained in cautious mode.
- Nonetheless, we believe recent statements by PM Datuk Seri Anwar that more foreign investments into the country may be announced soon could spur buying interests and prop up the local bourse.
- Hence, we believe the index will hover between the 1,415-1,425 range today.
