Daily Market Report (19 July 2022)
- US equities closed lower following a strong opening as sentiments became cautious on expectations over a choppy earnings season ahead.
- The DJI Average lost 215 points while the Nasdaq declined by 92 points as the US 10-year yield edged higher to almost 2.99%.
- As for the local bourse, the FBM KLCI ended higher attributed to some late buying activities.
- Nonetheless, potential upside for the benchmark index may be capped as sentiments remained fragile hence anticipate the index to hover within the 1,420-1,435 range today.
- Meanwhile, the Brent crude rose above the US$105 mark to close at US$106.30/barrel as Biden failed to obtain a pledge from Saudi Arabia to boost output.
