Daily Market Report (25 May 2022)

  •  Wall Street closed on a mixed note as uncertainties continued to reign over equities especially on technology stocks.
  • The DJI Average was up 38 points as the blue chips made a late rally while the Nasdaq lost 271 points.
  • There was also a flight of funds back to treasuries as the US 10-year yield eased to around the 2.75% from 2.85% yesterday.
  • Back home, the FBM KLCI succumbed to some late selling activities again in line with the regional weaknesses.
  • Though market undertone remains cautious, we reckon some bargain hunting activities to emerge soon.
  • Therefore, we expect the index to trend within the 1,525-1,545 range today.
  • Meanwhile, the crude palm oil surged past the RM7,000/tonne mark despite Indonesia’s move to lift its export ban.