Daily Market Report (28 June 2022)
- Wall Street ended a volatile trading session lower yesterday, weighed down by losses in technology shares as the major indexes failed to sustain momentum from last week’s rally.
- The Dow Jones Industrial Average dipped 62 points while S&P500 lost 0.3%. Nasdaq declined 0.72%.
- Back home, the FBM KLCI closed marginally lower amid the positive performance of regional peers.
- We are cautiously optimistic on the performance of local stocks in the near term given the improvement of regional sentiment while valuation of the benchmark index remains attractive as compared with its regional peers.
- Nonetheless, investors shall be wary volatility of both regional and global remain high.
- Hence, we anticipate the index to trend within the 1,430-1,450 range today.
- Meanwhile, Brent crude oil ended lower at US$110/barrel.
