Daily Market Report (18 May 2022)
- Wall Street staged a relief rally as all 3 major indices ended off their respective lows.
- The DJI Average was up by 431 points while the Nasdaq closed 322 points higher despite the US 10-year yield edged closer towards the 3% mark.
- As for the local bourse, the FBM KLCI closed higher but was off the day’s high attributed to some last minute selling as overall sentiments remained rather cautious.
- For today, we reckon the index to possibly trend between the 1,545-1,555.
- Meanwhile, in a very rare occasion the WTI closed higher at US$114/barrel vs the Brent crude at US$112/barrel as the debate whether to ban Russian oil imports in Germany continues.
