Daily Market Report (18 July 2022)
- Wall Street rallied on the back of better earnings from the banks and fears of aggressive rate hike by the Federal Reserves subsided.
- The DJI Average jumped by almost 660 points while the Nasdaq gained 201 points as the US 10-year yield eased slightly to 2.93%.
- On the home front, the FBM KLCI weakened marginally as market undertone remained cautious due to lack of buying catalysts.
- Therefore, we reckon the index to stay stuck within a tight trading range of between 1,415-1,425 today.
- Meanwhile, crude palm oil price performance was rather subdued at RM3,800/tonne due to lower exports while the Brent crude rose to US$101.20/barrel on lower output from the US.
