Daily Market Report (20 June 2022)

  •  Wall Street closed mixed on concerns that the US economy may be faced with a slowdown after several economic data fell short of expectations.
  • The DJI Average ended 38 points lower while the Nasdaq gained 152 points following a volatile session as the US 10-year yield closed lower at 3.23%.
  • On the home front, the FBM KLCI ended at a 2-year low as foreign funds selling continued.
  • Though we reckon the local bourse to remain in cautious mode, some bargain hunting activities will emerge in view of the reasonable valuations the index is hovering at the moment.
  • Therefore, we believe the index to see some upside today and anticipate it to trend between the 1,450-1,470 range.
  • Meanwhile, the crude palm oil skidded to below RM6,000/tonne to RM5,685/tonne on expectations of improving supply.