Daily Market Report (26 September 2022)
- Wall Street closed steeply lower on recessionary fears as all 3 major indices ended in negative territory despite some signs of bargain hunting activities.
- The DJI Average was down by 469 points while the Nasdaq declined by almost 200 points as the US 10-year yield inched slightly lower at 3.69%.
- Back home, the FBM KLCI continued to slide attributed to persistent unloading from foreign funds.
- With the local bourse now in oversold territory, we reckon the index to stage a rebound anytime soon hence expect it to trend within the 1,420-1,435 range today.
- Bargain hunting may emerge on Technology and Telco related stocks following last Friday’s sell-down.
- Nonetheless, Oil & Gas counters may see some selling pressure as crude oil prices decline with the Brent crude dipped to US$86/barrel on global recession concerns.
