Daily Market Report (12 August 2022)

  •  Wall Street struggled to maintain its uptrend as all 3 major indices closed weaker after a strong opening as many believe the Federal Reserves will still hike rates in the coming month.
  • The DJI Average gained 27 points while the Nasdaq lost 75 points with the US 10-year yield edged higher to 2.89%.
  • Back home, we reckon the FBM KLCI to continue with its uptrend after it decisively broke the 1,500 mark yesterday.
  • As such, we anticipate the index to trend within the 1,500-1,515 range today as market undertone improves.
  • Meanwhile we noticed buying is returning on logistic related companies as many performed rather strongly of late.
  • Meanwhile, the Brent crude price improved to US$99.60/barrel as demand is expected to increase.