Fresh worries about rising inflation in the US and the extent to which the US Federal Reserve will raise interest rates are weighing down the market heavily.

The market has gone crazy, especially in the property sector. Investors are trying to believe that interest rates may be peaking and are forgetting that the oil price is more than US$62 per barrel.

I expect the market to open higher after Wall Street's gains, and it will mainly be led by property stocks as interest rate worries seem to be easing after the release of the US Fed minutes.

The peak of the interest rate cycle may be much higher than expected. Continued inflation in the US indicated a need for a rate hike for few more times until next year.

If you are anticipating higher inflation and a rise in interest rates, it will slow down demand for resources.

Prices are rising, but not fast enough to prompt the central bank to raise interest rates. Inflation will pick up slowly toward the end of the year.