Daily Market Report (29 Jun 2022)
- Wall Street slumped after a strong opening following the release of a disappointing economic data.
- The DJI Average lost 491 points while the Nasdaq declined by 343 points as the US 10-year yield remained at around the 3.18%.
- Back home, the FBM KLCI closed higher attributed to late buying activities particularly from foreign funds.
- Nonetheless, we reckon such buying may evaporate today in view of the weakness on Wall Street thus anticipate the index to trend within the 1,440-1,460 range.
- Meanwhile crude palm oil price continues with its rebound as it closed at RM5,160/tonne with the Brent crude inching towards the US$120/barrel on declining inventory.
