Daily Market Report (20 September 2022)
- Wall Street staged a relief rally following a choppy session as all 3 major indices closed in positive territory.
- The DJI Average gained 197 points while the Nasdaq added 87 points despite the US 10-year yield inched closer to the 3.5% mark.
- On the domestic front, the FBM KLCI ended lower at the 1,450 level amid a volatile regional performance.
- For today, we expect bargain hunting activities to emerge after a 4-day losing streak.
- Therefore, we reckon the index to hover within the 1,450-1,465 today with interests to focus on the financial and technology sectors after consecutive losses over the last few days.
- Meanwhile, Plantation stocks may encounter some headwinds as the crude palm oil price eased to around the RM3,700/tonne on concerns of weaker demand ahead.
