Daily Market Report (1 September 2022)
- Wall Street ended lower as concerns over interest rate hike and slowing economic growth continue to plague overall sentiment.
- The DJI Average lost 280 points while the Nasdaq declined by 67 points as the US 10-year yield closed higher at almost 3.20%.
- In view of this, we reckon the local bourse to encounter some headwinds today as the regional markets closed on a mixed note yesterday.
- Meanwhile, consensus is expecting Bank Negara to possibly raise rate during the next Monetary Policy Committee meeting next week by 25bps thus expect some buying interest on the banking stocks.
- For today, we expect the FBM KLCI to trend within the 1,500-1,520 range with the broader market to experience some weakening.
- Meanwhile yesterday’s reports that Maxis and U Mobile rejecting stake in Digital Nasional Bhd may cause some uncertainties within the Telco sector.
