Daily Market Report (19 September 2022)
- Wall Street endured another poor performance as traders became nervous of the Federal Reserves’ rate hike next week coupled with FedEx earnings warning amid global economic weakness.
- The DJI Average lost 139 points while the Nasdaq declined by 104 points as the US 10-year yield edged higher to 3.455%.
- As for the local bourse, we reckon trading to remain subdued as the regional markets ended in a sea of red last Friday.
- Therefore, we believe the FBM KLCI to hover within the 1,460-1,475 range today though some bargain hunting activities may emerge as the index is trending within its support level currently with some interests on the Banks and Technology stocks.
- Meanwhile, reports on the dissolution of the Parliament soon may shift some interests back on the Construction players as well.
- As for the Oil & Gas sector, concerns over a global slowdown have seen the Brent crude trending towards the US$91/barrel.
