Daily Market Report (22 June 2022)

  •  Wall Street rebounded following the steep decline last week as bargain hunting activities emerged pushing all 3 major indices to positive territory.
  • The DJI Average closed 641 points higher while the Nasdaq gained 271 points despite the US 10-year yield inched closer to the 3.28%.
  • As for the local bourse, the FBM KLCI also rebounded from broad based buying on blue chips. In view of the strong comeback in the US, we reckon the index to trend higher at between the 1,450-1,470 range today.
  • Meanwhile, the crude palm oil weakened to around RM5,200/tonne while the Brent crude closed in to US$115/barrel.