Daily Market Report (14 September 2022)
- Wall Street slumped as the US inflation data came out higher than expected thus a prompting a more aggressive Federal Reserves’ rate hike next week.
- The DJI Average lost 1,276 points while the Nasdaq declined by 633 points as the US 10-year yield inched above 3.41%.
- Back home, the FBM KLCI closed below the 1,490 level attributed to the selling on financial stocks.
- Though we believe some bargain hunting activities to emerge, sentiment may have been affected from the sell-down on Wall Street yesterday.
- For today, we reckon the index to trend within the 1,480-1,495 range as we expect some bargain hunting on the Banks after yesterday’s selling and the Plantation sector as the crude palm oil price edged higher to RM3,900/tonne tracking the increase in soya prices.
