Daily Market Report (10 August 2022)

  •  Wall Street closed broadly lower as sentiment remained jittery ahead of the crucial US inflation data later today.
  • The DJI Average declined by 58 points while the Nasdaq lost 150 points as the US 10-year yield inched higher at 2.78%.
  • As for the local bourse, the FBM KLCI returned to consolidation mode as market undertone became cautious.
  • For today we reckon the index to trend within a tight range of between 1,490-1,500 and reckon there to be some selling pressure on technology stocks in view of the slump in US tech stocks overnight.
  • Meanwhile, as chances are high for the Federal Reserves to hike rate by another 75bps, we believe Bank Negara may also look to readjust the OPR by another 25bps at least.