Daily Market Report (13 July 2022)
- US equities ended broadly lower after enduring a volatile session as sentiments remain jittery on slower economic growth amid inflationary pressure.
- The DJI Average dropped 192 points while the Nasdaq lost 108 points as the US 10-year yield eased marginally to 2.97%.
- On the home front, the FBM KLCI staged a last minute rally to close in positive territory.
- Nonetheless, market undertone continues to be lackluster as we expect the index to oscillate between the 1,415-1,430 range today.
- Meanwhile, concerns over demand due to new lockdowns in Shanghai and inflation dampened crude oil prices with the Brent crude slumped to below the US$100 level to close at US$99.50/barrel.
- Crude palm oil also declined on news of higher stockpile as price ended at RM4,120/tonne.
