Daily Market Report (31 May 2022)
- Wall Street was closed for Memorial Day yesterday.
- A look at its futures shows that all 3 major indices are in positive territory, but sentiments remain cautious that a reversal may be in the offing.
- On the home front, the FBM KLCI eased slightly despite a strong regional performance.
- For today, we reckon the lack of buying catalysts should see the index hovering within a narrow range of between 1,540-1,550.
- Meanwhile, the Ringgit experienced an upswing against the USD to 4.36 currently from a high of 4.40 on May 18 as crude oil prices continues to climb.
- The Brent crude has edged above the USD120/barrel as demand is seen to improve on the reopening of large cities in China coupled with EU’s failure to reach to an agreement on the Russian oil ban.
