Daily Market Report (5 August 2022)
- Wall Street ended on a mixed note as traders await for the latest US job data to gauge the Federal Reserves stance on interest rates going forward.
- The DJI Average was down by 86 points while the Nasdaq gained 52 points as the US 10-year yield declined further to 2.69%.
- As for the local bourse, persistent buying from foreign funds saw the FBM KLCI surged pass the 1,500 mark.
- As market undertone continues to improve, we reckon the benchmark index to remain steady despite the escalating US/China tension on Taiwan.
- Therefore, we expect the index to trend within the 1,500-1,515 range today.
- Meanwhile, Brent crude price fell further to settled at US$94/barrel on concerns of weaker demand amid recessionary fears while the crude palm oil also decline to RM3,820/tonne on higher output.
