Daily Market Report - 23 July 2026
- Wall Street endured a choppy session as all 3 major indices ended at almost the day’s low.
- Overall sentiment was affected by the spike in crude oil prices which will
add inflationary pressures and interest rates on the Federal Reserve. - In addition, after hours earnings reports from Alphabet, Tesla and IBM were
discouraging. - Meanwhile, the US 10-year yield edged higher at 4.659%. There were numerous headwinds weighing on the regional markets as the escalating
tension in the middle east pushed crude oil prices higher as the Brent crude jumped to almost USD95/barrel. - As a result, Hong Kong equities retreated to below the 25,000
level. As for the local bourse, the FBM KLCI declined to almost the 1,710 mark presumably attributed to the selldown by foreign funds. - Nonetheless, commodity-based stocks like Press Metal, Petronas Gas and Petronas Chemicals all gained. Thus, we expect the index to hover
within the 1,705-1,715 range today.
