Daily Market Report (28 April 2022)
- Wall Street failed to stage any meaningful rebound as overall sentiments has turned cautious following the steep decline the day before.
- Therefore, all 3 major indices closed off the day’s high as the DJI Average gained a mere 62 points while the Nasdaq closed 2 points lower.
- Meanwhile, the US 10-year yield inched higher to around 2.83%.
- On the home front, as expected the FBM KLCI closed lower on the back of a weak regional performance yesterday.
- Thus, we reckon the index to trend within a narrow range at between the 1,580-1,590 range today with focus back on plantations stocks following the export ban on crude palm oil by Indonesia which pushed CPO price to above the RM7,500/tonne level.
