Daily Market Report (8 August 2022)
- Wall Street closed mixed as fears of more possible aggressive rate hikes by the Federal Reserves following a stronger than expected US job data last Friday.
- Although the DJI Average rose by 77 points, the Nasdaq was down 63 points as the US 10-year yield jumped to 2.83%.
- On the home front, the FBM KLCI ended lower to just above the 1,500 mark.
- As uncertainties over the US economy linger, we reckon sentiments to turn cautious hence anticipate the benchmark index to trend within the 1,490-1,505 range today.
- Meanwhile, crude palm oil staged a minor uptrend to close at RM3,880/tonne attributed to gains by soya oil as the Brent crude also closed higher at almost US$95/barrel on solid US job data.
