Daily Market Report (12 July 2022)
- Wall Street declined overnight as traders braced themselves for the earnings season which is expected to kick-off later this week.
- The DJI Average was down 164 points while the Nasdaq closed 263 points lower despite the US 10-year yield ended just below the 3% mark.
- Last Friday, the FBM KLCI closed higher due to some bargain hunting activities and expect the index to remain stuck in a consolidation mode.
- Therefore, we anticipate the benchmark index to hover within the 1,415-1,430 range today.
- Meanwhile, crude palm oil staged a mild rebound to RM4,140/tonne while the Brent crude jumped to above the US$107/barrel level on concerns over the supply side.
