Daily Market Report (23 August 2022)
- Wall Street slumped as concerns on more aggressive interest rate hike by the Federal Reserves resurfaced.
- The DJI Average lost 643 points while the Nasdaq fell by an even steeper 324 points as the US 10-year yield edged higher to 3.02%.
- Back home, the FBM KLCI closed broadly lower amid a weak regional performance spooked by the weak futures on Wall Street yesterday.
- Though sentiments have turned cautious again, we reckon bargain hunting to emerge in particular on banking and technology related stocks thus expect it to trend within the 1,480-1,500 range today.
- Meanwhile, crude palm oil improved to above RM4,200/tonne backed by improved demand.
