Daily Market Report (22 September 2022)
- Wall Street saw another steep decline after a 75bps rate hike by the Feds with more to come to tame inflation indicating a possible hard landing for the US economy.
- As such, the DJI Average lost 522 points while the Nasdaq closed 205 points lower as the US 10-year yield eased slightly to 3.53%.
- Meanwhile, trading on the local bourse remained subdued as the FBM KLCI ended broadly lower in line with the regional downtrend.
- For today, we reckon regional volatility to heighten amid the weakness in the US market.
- Therefore, we expect the index to trend within the 1,440-1,455 range and foresee some selling on the Oil & Gas stocks as the Brent crude dipped to below the US$90/barrel following the rate hike overnight.
