Daily Market Report (17 May 2022)
- It was another choppy session on Wall Street as US equities ended on a mixed note as sentiments remained jittery on inflationary concerns.
- The DJI Average gained 27 points while the Nasdaq lost 142 points as the US 10-year yield inched closer towards the 2.9% mark.
- On the local front, the FBM KLCI closed higher last Friday due to some bargain hunting activities.
- For today, we reckon the index to remain stuck within a narrow range of between the 1,540- 1,550 band as sentiments are still cautious.
- Meanwhile, news that Germany may ditch the imports of Russian oil had pushed the Brent crude price to above the US$114/barrel.