Daily Market Report (4 August 2022)
- Wall Street closed sharply higher on improved economic data indicating that the US economy is able to withstand the Federal Reserves fight on inflation.
- The DJI Average jumped by 416 points while the Nasdaq ended 319 points higher as the US 10-year yield declined to 2.71%.
- Back home, the FBM KLCI closed off the day’s low attributed to buying support by foreign funds.
- Therefore, we reckon the index is in good stead and is expected to trend higher today to re-test the 1,500 mark and beyond.
- Meanwhile, a rebound in vegetable oils prices helped push crude palm oil higher to RM3,864/tonne while the Brent crude slumped to below US$97/barrel on higher inventory build up.
