Daily Market Report (8 June 2022)
- Wall Street rose for a second day, climbing to session highs in the last hour of trading amid a broad-based rally.
- The Dow gained more than 250 points while Nasdaq jumped 114 points as 10-year U.S. Treasury benchmark retreated to dip below 3%.
- Back home, the FBM KLCI continued to close in negative territory mainly due to continuous selling pressure amid the weak sentiment over the region.
- Reflecting the rally on Wall Street, we reckon the index to possibly trend higher today as regional performance is expected to see an upswing.
- Thus, we believe the index to hover within the 1,520-1,540 range today.
- Meanwhile Brent crude futures rose to US$120.35 to on supply concerns.
