Daily Market Report (30 May 2022)
- Sellers took a breather as Wall Street closed broadly higher buoyed by slowing inflation news and strong retail earnings.
- The DJI Average ended 576 points higher while the Nasdaq jumped up by 390 points.
- The US 10-year yield also eased slightly to 2.74%.
- Back home, the FBM KLCI closed higher attributed to some last minute buying activities after a lacklustre performance throughout the day.
- Reflecting the rally on Wall Street, we reckon the index to possibly trend higher today as regional performance is expected to see an upswing.
- Thus, we believe the index to hover within the 1,540-1,555 range today.
- Meanwhile, crude oil prices edged higher as demand is seen to improve amid declining inventories. As such, the Brent crude is inching towards the US$120/barrel.
