Daily Market Report (23 June 2022)

  •  It was a choppy session on Wall Street as all 3 major indices closed lower following some attempts of an uptrend.
  • Market undertone was cautious as inflationary concerns remains a major headwind.
  • The DJI Average lost 47 points while the Nasdaq declined by 16 points as the 10-year yield edged lower to 3.16%.
  • On the home front, the FBM KLCI weakened even further as selling on plantation stocks gathered momentum in view of the declining crude palm oil prices.
  • For today, we reckon the local bourse to possibly stage a mild rebound as the index is currently hovering close to its support level and expect it to trend within the 1,425-1,445.
  • Meanwhile, weak demand and lower soya bean price saw the crude palm price dipped to below the RM5,000/tonne to RM4,700/tonne level whilst the Brent crude was lower at below US$112/barrel attributed to higher inventory level.