Daily Market Report (14 July 2022)
- Wall Street declined as the US inflation hit a 40 year high adding fears that the Federal Reserves will be aggressive with its rate hikes.
- The DJI Average dipped by more than 200 points while the Nasdaq lost 17 points as the US 10-year yield eased marginally to 2.93%.
- On the home front, the FBM KLCI weakened to a 2 and a half year low as sentiments remained cautious.
- Nonetheless, we reckon some bargain hunting activities could emerge as the benchmark index is nearing its support level at 1,400.
- Therefore, we expect the index to hover within the 1,405-1,425 range today.
- Meanwhile, weaker exports saw crude palm oil price slumped to RM3,850/tonne while the Brent crude was stagnant at US$99.60/barrel on concerns of slowing global growth.
