Daily Market Report (16 August 2022)
- Wall Street closed on a strong note following a weak opening despite a lower than expected economic data from China.
- The DJI Average was up 151 points while the Nasdaq ended 81 points higher as the US 10-year yield skidded to below 2.8%.
- Back home, the FBM KLCI was marginally lower due heavy selling on glove counters.
- For today, we reckon the broad market to trend within a narrow range with the index anticipated to hover around the 1,500-1,510 range.
- The surprise rate cut by China’s central bank may have prompted some recessionary fears which saw both the crude palm oil and Brent crude closed lower overnight.
- Meanwhile, we believe buying interests to continue on tech stocks in view of the strong performance by Nasdaq of late.
