Daily Market Report (13 September 2022)
- Wall Street trended higher as traders believed that inflation may have peaked in the US thus easing concerns over the Federal Reserves tough stance on future rate hike.
- The DJI Average rose 230 points while the Nasdaq gained 154 points while the US 10-year yield edged higher to 3.36%.
- As for the local bourse, the FBM KLCI failed to stay above the 1,500 level despite going above the level in early trading session.
- Though overall sentiment on the local bourse remains cautious, we expect selected buying to persist in particular on the Technology sector today as well for the Telcos after yesterday’s decline.
- The Oil & Gas sector may see some buying as well with the Brent crude continued with its upside now US$94/barrel on tight supply as deal with Iran on nuclear deal faded.
