Daily Market Report (26 May 2022)

  •  US equities closed broadly higher amid some bargain hunting activities despite signs that the Federal Reserves will hike rates further.
  • The DJI Average gained 192 points while the Nasdaq ended 170 points higher as the US 10-year yield remained at 2.75%.
  • As for the local bourse, the FBM KLCI closed higher though market undertone remained cautious.
  • With more uncertainty coming from Wall Street, we reckon performance within the regional markets to be curtailed hence expect the benchmark index to trend within a narrow band of between 1,530-1,540 range today.
  • Meanwhile, profit takings saw crude palm oil eased to below the RM7,000/tonne.