Daily Market Report (1 August 2022)
- Wall Street closed higher as traders set aside concerns of high inflation and recessionary possibilities.
- The DJI Average was up 315 points while the Nasdaq gained 228 points as the US 10-year yield ended marginally lower at 2.66%.
- On the home front, the FBM KLCI closed higher but was off the day’s high as some profit taking activities began to emerge.
- Though market undertone remains solid, we reckon the benchmark index could be due for a minor correction following a 2-week run-up which saw the index added around 80 points.
- Thus, we reckon the index to trend within the 1,490-1.500 range today amid some intermittent corrections.
- Meanwhile, the crude palm oil closed higher at RM4,290/tonne in line with higher vegetable prices.
