Daily Market Report (22 August 2022)
- Wall Street closed lower as buying fizzled out on concerns of inflation and more interest rate hike by the Federal Reserves.
- The DJI Average lost 292 points while the Nasdaq ended 260 points lower as the US 10-year yield inched higher at 2.98%.
- On the domestic front, the FBM KLCI continued to slide due to broad based selling activities in the afternoon session.
- For today, we reckon some bargain hunting to emerge on Banking, Telco and Healthcare stocks following some heavy selling of late.
- Therefore, we expect the index to trend within the 1,500-1,515 range today.
- As for the corporate earnings announced so far, we noticed that the Banks, Planters, Reits and selected manufacturing entities (technology and F&B) reported a solid set of earnings.
