Daily Market Report (13 May 2022)
- Wall Street closed on a mix note following a volatile session as sentiments remain jittery as traders are worried of more aggressive rate hikes.
- The DJI Average declined by 104 points while the Nasdaq gained a mere 7 points.
- Meanwhile, the US 10-year yield was lower at 2.85%.
- As for the local bourse, the FBM KLCI ended in negative territory attributed to selling by foreign funds during the afternoon session.
- We believe the local bourse to trend within a consolidation mode for now due to the lack of buying catalysts and heightened volatility thus expect the index to hover between the 1,530-1,550 range today.
- Meanwhile, crude palm oil eased to below the RM7,000/tonne level tracking the weakness of soya.
