Daily Market Report (22 July 2022)
- Strong corporate earnings helped push Wall Street higher especially on technology based stocks.
- The DJI Average gained 162 points while the Nasdaq closed 162 points higher as the US 10-year yield eased to around the 2.88% level.
- As for the local bourse, the FBM KLCI also ended at a 3-week high as buying activities continued.
- We reckon the benchmark index to continue with its climb as foreign funds inflows persisted.
- Therefore, we reckon the index to trend within the 1,445-1,460 today.
- Meanwhile, profit taking saw the crude palm oil price easing to RM3,720/tonne while the Brent crude dipped to below US$104/barrel on concerns on slackening demand.
