Daily Market Report (1 July 2022)
- US equities closed lower as sentiments remained jittery following signs that the Federal Reserves would maintain its aggressive interest rate hike for its forthcoming meeting in July.
- The DJI Average lost 254 points while the Nasdaq declined by almost 150 points despite the US 10-year yield ended lower at 3.02%.
- Back home, the FBM KLCI again succumbed to some last selling amid some portfolio rebalancing by foreign funds.
- Therefore, we reckon the local bourse to remain in consolidation phase with the benchmark index trending between the 1,435-1,450 range today.
- Meanwhile, the Brent crude price eased to below US$115/barrel on concerns of recessionary fears.
