Daily Market Report (15 August 2022)
- Wall Street rebounded on Friday as many believe that US inflation may have peaked.
- As a result, the DJI Average rose 424 points while the Nasdaq gained 267 points as the US 10-year yield eased marginally to 2.84%.
- On the home front, the FBM KLCI is expected to stay resilient, and we anticipate the index to maintain its uptrend today hovering between the 1,510-1,520 range.
- As for sectors to look at, Telcos especially the network operators have underperformed of late and we reckon should be ripe for accumulation.
- Meanwhile, crude palm oil jumped above RM4,400/tonne tracking the higher soya oil while the Brent crude fell to US$98/barrel as concerns over weakening demand.
