Daily Market Report (23 May 2022)

  •  It was another roller-coaster session on Wall Street attributed to recessionary fears, however all 3 major indices closed off their respective lows from late bargain hunting activities.
  • The DJI Average was up 9 points after losing 600 points earlier while the Nasdaq recovered from a 300-point drop to end only 34 points lower.
  • On the home front, the FBM KLCI closed marginally lower due to some last minute selling activities.
  • As market volatility remains high, we reckon the index to be on consolidation mode and expect it to trend within a range of between 1,540-1,555 today.
  • Despite concerns of recession that may hamper demand for crude oil, the Brent crude price stayed elevated at above the US$112/barrel.