Daily Market Report (15 June 2022)

  • All 3 major indices on Wall Street closed off their day highs as selling continued ahead of another prospective rate hike by the Federal Reserves.
  • The DJI Average declined by 152 points while the Nasdaq ended a volatile 19 points higher despite the US 10-year yield climbing to almost 3.48% which is a 11-year high.
  • Back home, bargain hunting activities helped pushed the FBM KLCI higher amid a weak regional performance.
  • Though buying may persists, we reckon sentiments are to remain cautious thus expect the index to hover within the 1,475-1,490 range today.
  • Meanwhile, crude palm oil rebounded to above the RM6,200/tonne attributed to bargain buying.