Daily Market Report (24 August 2022)
- US equities continue to slide amid heightened concerns over interest rate hike by the Federal Reserves as the US 10-year yield edged higher to 3.06%.
- As such, the DJI Average lost 154 points while the Nasdaq remained flat.
- On the home front, we saw some buying on local equities during the afternoon session with the FBM KLCI stayed above the 1,480 level.
- For today, we reckon the buying to continue on technology and energy related stocks as the Brent crude surged above the US$100/barrel again overnight on news that OPEC may cut production.
- Therefore, we expect the index to possibly hover within the 1,480-1,500 range today.
