Daily Market Report (2 August 2022)
- Wall Street closed lower following a choppy session as profit taking activities set in.
- The DJI Average declined by 47 points while the Nasdaq lost 22 points with the US 10-year yield eased to 2.59%.
- Back home, the FBM KLCI finally breached the 1,500 mark to end at almost a 2-month high attributed to the persistent buying support from foreign funds.
- Judging by the encouraging performance of late, we reckon the index to possibly climb higher and retest the 1,510 mark today.
- Meanwhile, crude palm oil fell to RM4,060/tonne as Indonesia is boosting exports to clear its high inventory level while the Brent crude also decline on weakening demand to end at US$100/barrel.
