Daily Market Report (27 April 2022)
- Wall Street experienced another selling spree ahead of earnings results from mega technology companies on fears over an economic slowdown.
- The DJI Average declined by 809 points while the Nasdaq lost 514 points to end at a new 52-week low.
- This is despite te US 10-year yield easing to a week low of 2.73%.
- Back home, the FBM KLCI closed higher from continuous buying support by foreign funds yesterday.
- Nonetheless, we reckon the index to possibly see some profit taking today on heightened regional volatility attributed to the steep losses on Wall Street.
- This, we expect the index to hover around the 1,585-1,600 range today.
- Meanwhile, crude palm oil rebounded above the RM7,000/tonne on concerns over the supply side.
