Daily Market Report (1 June 2022)
- US equities slumped as fears on inflation and slower economic growth emerged with the world is now faced with a food crisis.
- The DJI Average lost 223 points while the Nasdaq declined by almost 50 points.
- On the back of such backdrop, the US 10-year yield closed higher at the 2.85% mark.
- As for the local bourse, a sudden surge in foreign buying saw the FBM KLCI closed higher after being in the negative territory for most of the day.
- However, we reckon some profit taking activities may set in and expect the index to trend within the 1,560-1,575 range today.
- Meanwhile, the crude palm oil price declined to around the RM6,600/tonne in line with the weaker soya bean price but crude oil prices maintained it uptrend with the Brent inching closer to the USD113/barrel level following the partial ban on Russian oil by the EU.
