Daily Market Report (25 July 2022)
- Worries over a contracting US economy saw Wall Street closed lower last Friday as traders tool the opportunity to take profit.
- The DJI Average lost 138 points while the Nasdaq declined by 225 points with the US 10-year yield eased lower to 2.75%.
- Back home, persistent foreign buying pushed the FBM KLCI to a 1-month high taking advantage of the reasonable valuations of domestic equities.
- Although sentiments on the local bourse is improving, we reckon some profit taking to emerge following a 55-point jump over the past 2 weeks.
- Nonetheless, we expect any downtrend to be capped and see the index to trend within the 1,455-1,475 range today.
- Meanwhile, crude palm oil price ended marginally lower at RM3,704/tonne as Indonesia is looking to enhance its exports.
