Daily Market Report (30 August 2022)
- Wall Street closed lower as selling continued amid concerns over hike in interest rates and tightening US monetary policy.
- The DJI Average lost 184 points while the Nasdaq dropped by 124 points as the US 10-year yield ended higher at 3.11%.
- Back home, selective buying support helped maintain the FBM KLCI to stay marginally above the 1,500 level.
- Though sentiment is expected to remain cautious along with heightened volatility, we reckon the local bourse to be well supported by the continuing net inflow of foreign funds hence expect the index to trend within the 1,490-1,510 range today.
- Meanwhile, we anticipate buying interest may spillover to the Energy sector as the Brent crude surged past the US$105/barrel on fresh concerns over supply side.
