Daily Market Report (15 September 2022)
- Wall Street closed modestly higher after a volatile session as traders remained wary ahead of the Federal Reserves’ meeting next week.
- The DJI Average gained 30 points while the Nasdaq ended 86 points higher as the US 10-year yield stays at the 3.4% mark.
- On the domestic front, the FBM KLCI declined to below the 1,470 level due to broad based selling yesterday in line with the regional weakness.
- Though some bargain hunting activities are expected today, market undertone should remain cautious as the local bourse will be closed for public holiday tomorrow.
- Therefore, we anticipate the index to trend within the 1,465-1,480 with some buying interests on the Banking, Technology and Telco sectors today.
- Meanwhile, crude oil prices inched higher as the Brent crude ended at above the US$94/barrel mark on lower than anticipated inventory build-up.
