Daily Market Report (24 May 2022)

  •  Wall Street staged a relief rally due to bargain hunting activities, but many remain unconvinced if this is sustainable.
  • The DJI Average jumped by 618 points while the Nasdaq gained 181 points as the US 10-year yield inched above 2.85%.
  • As for the local bourse, the FBM KLCI again ended lower from late selling activities attributed to a mixed bag of corporate earnings hence the absence of strong buying catalysts.
  • We reckon the index to possibly trend lower as we expect regional markets to remain volatile judging by the weaker DJIA futures.
  • Therefore, we see the index to hover between the 1,535-1.550 range today.
  • Meanwhile, the crude palm oil jumped above the RM6.800/tonne on weaker output expectation while the Brent crude closed above the US$113/barrel as Germany may go ahead to embargo Russian oil.