Daily Market Report (24 June 2022)

  •  Trading on Wall Street remains choppy as all 3 major indices staged a late rally to close positively.
  • Concerns over inflation are still evident as the DJI Average gained 194 points while the Nasdaq jumped by 179 points higher.
  • The US 10-year yield continued to slide and ended at 3.09%. Back home, the FBM KLCI ended flat despite some attempts to close higher.
  • In view of prevailing cautious sentiments, we reckon the index to hover within a consolidation phase of 1,430-1,445 today.
  • Meanwhile, the crude palm oil rebounded from bargain hunting as it edged higher at almost the RM4,900/tonne level.