Daily Market Report (19 August 2022)
- Wall Street ended in positive territory with all 3 major indices struggled to stay marginally higher as traders remain in cautious mode.
- The DJI Average closed 19 points higher while the Nasdaq gained 27 points as the US 10-year yield fell slightly to 2.89%.
- On the home front, the FBM KLCI closed slightly lower due to profit taking activities during the afternoon session particularly on Telcos which performed rather well earlier this week.
- As corporate results reporting has begun, we noticed earnings from the Oil & Gas related stocks to be rather weak so far amid the sector’s volatility.
- As such, we expect some selling pressure on the O&G counters over the immediate term.
- Meanwhile, the Brent crude edged higher to almost US$97/barrel on expectations of improving demand.
