Daily Market Report (18 August 2022)
- Wall Street closed lower as all 3 major indices retreated as concerns over Federal Reserves’ stance on interest rate hike re-emerged.
- The DJI Average lost 172 points while the Nasdaq ended 164 points lower with the US 10-year yield edged higher to just above the 2.9%.
- As for the local bourse, the FBM KLCI ended marginally lower following a strong opening as profit taking activities appeared during the afternoon session attributed to weaker Wall Street futures.
- As we enter into earnings season this month, we suspect both the Banking and Plantation stocks to shine thus expect buying interests to remain on these sectors.
- For today, we anticipate the index to trend within the 1,510-1,525 range.
- Meanwhile, the Brent crude price improved to almost US$94/barrel on higher demand.
