Daily Market Report (21 June 2022)

  •  Wall Street was closed yesterday and a look at the futures of the 3 major indices indicates that a rebound is in the offing as all 3 indices performed rather strongly.
  • Therefore, we can expect regional markets to experience improved performance today.
  • Back home, the FBM KLCI closed lower as foreign selling continued on selected heavy weights.
  • As bargain hunting activities did not appear yesterday, we reckon blue chips are ripe for accumulation at current levels.
  • As such, we expect the index to possibly trend within the 1,435-1,455 range today.
  • We noticed plantation stocks have been on a downtrend for the past week mirroring the slump in crude palm oil prices to RM5,260/tonne currently from RM6,150/tonne before due to weakening soya prices on improving production.