Daily Market Report (28 July 2022)
- Wall Street surged as the Federal Reserves hiked rates by a highly anticipated 75bps as chairman Powell further hinted that the Feds may slow down future hikes.
- The DJI Average jumped by 436 points while the Nasdaq closed 470 points higher as the US 10-year yield inched lower to 2.785%.
- Back home, continuous buying from foreign funds helped pushed the FBM KLCI higher after a weak opening.
- In view of such buying support, we reckon the local bourse may climb even higher today hence expect the index to trend within the 1,465-1,480 range today.
- Meanwhile, news that Indonesia will reintroduce its biodiesel program saw crude palm oil price higher at RM3,826/tonne while the tight physical supply saw Brent crude also ended higher at US$106.60/barrel.
