Daily Market Report (29 July 2022)
- Wall Street continued with its uptrend despite a disappointing US GDP data as traders looked beyond recessionary fears and that the Federal Reserves will not be as aggressive in raising rates moving forward.
- The DJI Average rose 332 points while the Nasdaq closed 130 points higher as the US 10-year yield receded at 2.67%.
- As for the local bourse, persistent buying from the foreign funds pushed the FBM KLCI to almost a 2-month high.
- As market undertone improves, we reckon the benchmark index may look to test the 1,500 threshold today.
- Meanwhile, crude palm oil rebounded to RM3,960/tonne with the Brent crude advanced to US$107.10/barrel as supply remains tight.
