Daily Market Report (26 July 2022)
- Wall Street ended rather mixed as traders are bracing for more major corporate earnings reports and a possible rate hike by the Federal Reserves on Wednesday.
- The DJI Average was up 91 points while the Nasdaq declined by 51 points as the US 10-year yield inched higher to almost 2.81%.
- On the domestic front, the FBM KLCI edged slightly higher attributed to last minute buying by foreign funds.
- For today, we reckon some profit taking to take place thus expect the index to hover within the 1,460-1,475 range.
- Meanwhile, crude palm oil price fell to RM3,646/tonne on worries of more exports from Indonesia while the Brent crude edged higher to US$105.20.
