Daily Market Report (3 August 2022)
- It was another choppy session on Wall Street as all 3 major indices ended lower on escalating US/China tension and a softening US labour market.
- The DJI Average lost 402 points while the Nasdaq closed 22 points lower as the US 10-year yield climbed higher to 2.75%.
- On the home front, the FBM KLCI declined amid a weak regional performance as the tension over Taiwan intensifies.
- Thus we reckon sentiments will turned cautious and the index may encounter some selling pressure today hence we expect the index to trend within the 1,480-1,500 range today.
- Meanwhile, crude palm oil skidded lower to RM3,840/tonne as Indonesia continues to ease its exports quota.
