Daily Market Report (23 September 2022)
- Wall Street ended lower after a volatile session as traders remained concern over the US economy following the Federal Reserves’ aggressive rate hike.
- The DJI Average declined 107 points while the Nasdaq lost 153 points as the US 10-year yield surged past the 3.7% level.
- On the home front, the FBM KLCI closed lower attributed to continued selling from the foreign funds.
- As sentiment is expected to remain cautious, we reckon the index to trend within a narrow range of 1,435-1,450 today.
- With the steep rising rates in the US, we anticipate the Technology sector to experience some headwinds today as growth may be affected.
- Nonetheless, some bargain hunting activities may emerge for the Banks and Telcos after consecutive declines.
