Daily Market Report (21 September 2022)
- Wall Street tumbled as traders unloaded their position ahead of the Federal Reserves’ meeting later today with the US 10-year yield surged to a multi year high of 3.57%.
- The DJI Average declined 313 points while the Nasdaq lost 110 points.
- Back home, the FBM KLCI which saw some bargain hunting activities yesterday will see sentiment turning cautious today.
- Therefore, we expect the index to trend within a narrow range of between the 1,455-1,465 range as profit takings are anticipated on Technology stocks today.
- Oil & Gas stocks may also experience some headwinds, following the decline in crude oil prices with the Brent now at the US$90/barrel due to higher inventory.
