Daily Market Report (7 September 2023)
- Wall Street continued with its sluggish performance as concerns over interest rates returned to spook sentiment as the US 10-year yield edged higher to 4.296%.
- As a result, the DJI Average lost almost 200 points while the Nasdaq slumped by 148 points.
- Over in Hong Kong, although the HSI pared earlier losses to close flat, underlying confidence remains fragile following an unconvincing corporate earnings season which prompted downgrades on the outlook of Chinese companies going forward.
- As for the local bourse, the FBM KLCI ended higher as buying activities returned following a downtrend of late.
- In line with prevailing strong crude oil price, the Oil & Gas counters managed to garner solid buying support.
- We believe accumulation of stocks to continue amid improving trading volume over the past few days hence expect the index to trend between the 1,460-1,470 range today.