Daily Market Report (20 July 2022)
- Wall Street closed higher as traders believe in a stronger corporate earnings report and that the market may have found its bottom.
- As such, the DJI Average jumped 754 points higher while the Nasdaq gained 353 points as the US 10-year yield inched higher to almost 3.03%.
- Back home, movements of the FBM KLCI had been rather volatile as its ended marginally lower.
- However, we reckon buying activities to emerge on the back of the strong showing from the US and expect the index to trend within the 1,425-1,440 today.
- Meanwhile, Brent crude continue with its climb to close at US$107.30/barrel as demand remains unrelenting.
