Daily Market Report (25 August 2022)
- Wall Street closed marginally higher as uncertainty over Fed Chairman speech at Jackson Hole this Friday continue to cause some uncertainties.
- The DJI Average gained a mere 60 points while the Nasdaq was up by 50 points with the US 10-year yield inched higher at 3.11%.
- Back home, the FBM KLCI declined further as selling gathered momentum in the afternoon session especially on plantation stocks.
- Despite the index had declined by 50 points over the past 5 days, bargain hunting was nowhere to be seen as sentiment had turned cautious.
- Therefore, we reckon the index to trend within the 1,460-1,475 range today and expect some interests to returned on energy stock with the Brent crude now hovering at above the US$101/barrel.
- We also expect some rebound on the plantation stocks as yesterday’s selling could be a bit overdone with the crude palm oil ended higher to above RM4,300/tonne.
