Daily Market Report (7 June 2022)
- Wall Street ended broadly higher yesterday, but well off of earlier highs as investors continued to fret about inflation and rising interest rates, while also speculating about whether this year's selloff may have touched bottom.
- The DJIA rose 16.08 points to 32,915.78.
- As for the local bourse, the FBM KLCI closed lower last Friday due to selling pressure by local institutions particularly on banking and telco stocks.
- We expect the FBM KLCI to consolidate further, hence anticipate it to trend sideway with an uptrend bias within the range of 1,530-1,550.
- Meanwhile Brent crude oil futures hovered around $120 per barrel yesterday after Saudi Arabia sharply raised prices for its crude sales in July.
