5 September 2022
Daily Market Report (5 September 2022)
- Sentiment on Wall Street continued to be nervous despite recent solid job data as traders remained cautious over the Federal Reserves’ stance on interest rate this month.
- As a result, the DJI Average declined 338 points while the Nasdaq lost 154 points despite the US 10-year yield eased below 3.20%.
- On the home front, the FBM KLCI closed marginally lower supported by some late buying from foreign funds.
- As reports on GE15 are getting louder by the day, we reckon interests should shift back to the Construction sector.
- Meanwhile, the Telco sector remains plagued by outstanding uncertainties over the sale of stake in Digital Nasional Bhd but we believe this should be resolved soon.
- Therefore, we expect the index to trend within the 1,485-1,505 range today.
