Daily Market Report (12 May 2022)
Daily Market Report (12 May 2022)

Daily Market Report (12 May 2022)

  • Higher than expected inflation figure for April rattled Wall Street as all 3 major indices declined to a new 52-week low.
  • The DJI Average lost 326 points while the Nasdaq fell by a steeper 373 points despite the US 10-year yield hovering below the 3% mark at around the 2.93%.
  • Back home, the FBM KLCI inched marginally higher following a listless trading day.
  • Nonetheless, we reckon the index may be faced with some headwinds today amid the heighten regional volatility mirroring the weakness in US equities overnight.
  • Therefore, we expect the index to trend within the 1,545-1,560 range today as we believe impact from the latest 25bps hike in OPR may positive for banks.
  • Meanwhile, crude oil prices rebounded with the Brent jumped back to US$108/barrel as the EU may be impacted by the supply squeeze.
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