Daily Market Report (29 August 2022)
- Wall Street slumped after Feds Chairman commented the central bank’s stance to continue fighting to curb inflation.
- As a result, the DJI Average fell by more than 1,000 points while the Nasdaq lost almost 500 points as the US 10-year yield remained at 3.03%.
- Back home, the FBM KLCI saw some profit taking during the afternoon session but stayed above the 1,500 mark.
- For today, we reckon sentiments to become cautious following the steep decline on Wall Street.
- Therefore, we expect some selling to emerge and see the index to hover within the 1,490-1,505 range today.
- Though earnings reported so far from plantation stocks are encouraging, there may be some profit taking activities on the planters as many expect 3Q earnings to dip following the decline in crude palm oil prices of late.
