Daily Market Report (9 August 2022)
- Wall Street closed on a mixed note as all 3 major indices ended off their day’s high as worries over hike in interest rate resurfaced.
- The DJI Average gained 29 points while the Nasdaq declined by 13 points as the US 10-year yield weakened to 2.75%.
- Back home the FBM KLCI continued with its decline as it closed below the 1,500 mark.
- For today, we reckon the index to possibly consolidate within the 1,490-1,500 range today.
- Meanwhile, crude palm oil continues with its uptrend as it ends above the RM4,000 level at RM4,070/tonne tracking the upswing in soya oil price.
- If this continue, we expect buying interests on Plantation stocks to emerge as the prevailing weak Ringgit is also a catalyst for crude palm prices.