Daily Market Report (2 September 2022)
- Wall Street closed on a mixed note as traders are looking towards the job data later today.
- The DJI Average was up 146 points while the Nasdaq declined by 31 points as the US 10-year yield continues to climb currently at 3.26%.
- As for the local bourse, the FBM KLCI ended weaker amid a regional downtrend attributed to fresh lockdown in China.
- Though we expect some bargain hunting to emerge, sentiment is seen to remain cautious hence anticipate the index to hover within the 1,485-1,500 range today.
- Nonetheless, we reckon selling in Plantation stocks should appear as the crude palm oil dipped to below the RM4,000 level on lower exports.
- Meanwhile, Oil and Gas stocks should also experience some selling pressure as the Brent crude price closed lower at US$92/barrel.
