Daily Market Report (5 May 2022)
- Wall Street staged a relief rally following the Federal Reserves’ highly anticipated 50bps rate hike and will be less aggressive in future hikes to combat inflation.
- The DJI Average rose 932 points while the Nasdaq surged by 400 points.
- The local bourse closed above the 1,600 mark last Friday attributed to buying from foreign funds.
- As for today, we reckon the FBM KLCI to see continuous buying activities but may see some resistance at around the 1,605-1,610 range.
- Therefore, we expect the index to hover between the 1,590-1,605 range today.
- The crude palm oil continues with its rise as it closed at around the RM7,700/tonne.
- Meanwhile, crude prices spiked on news that Europe will ban imports of Russian oil with the Brent crude settled at the US$110/barrel level.
