Daily Market Report (12 September 2022)
- Wall Street continued with its uptrend ignoring the Federal Reserves’ tough stance to fight inflation as all 3 major indices ended broadly higher.
- The DJI Average closed 377 points higher while the Nasdaq jumped by 250 points as the US 10-year yield remained at above 3.31%.
- At home, the FBM KLCI ended marginally higher from selective buying on Banks and Telcos.
- With several attempts to breach the 1,500 mark failed, we reckon the index to breach this resistance today as we expect sentiment to improve with focus on the Banks and Technology sectors again.
- Meanwhile, the Energy sector could see some volatility despite crude prices rebounded with the Brent surged past the US$92/barrel.
- The Oil & Gas players are still plagued by concerns of weakening demand.
