Daily Market Report (6 May 2022)
- Wall Street declined as sellers emerged on a mega selling spree as the US 10-year yield surged pass the 3% level.
- The DJI Average lost more than 1,000 points while the Nasdaq fell by almost 650 points.
- On the home front, the FBM KLCI closed lower attributed to some aggressive selling in the afternoon session.
- In view of the dramatic decline on Wall Street, we believe regional markets to see a tumultuous trading day today.
- Therefore, we reckon the index to trend lower at between the 1,570-1,585 range today.
- Meanwhile, the crude palm oil lost 4% to around the RM7380/tonne on expectation that Indonesia may lift their ban on exports.
