Daily Market Report (9 June 2022)
Daily Market Report (9 June 2022)

Daily Market Report (9 June 2022)

  • Wall Street closed lower as investors continued to fret over the prospect for the economy and as oil jumped to a 13-week high.
  • The Brent crude jumped more than 2% to $123 a barrel.
  • The S&P 500 fell than 1% in the broad sell-off, snapping a two-day winning streak. Meanwhile the DJIA fell 269 points to end at 32,910.90.
  • Back home, The FBM KLCI closed negative for the fifth consecutive days as sentiment remained fragile as investors are cautious on uncertainties such as global recession, inflation and rising interest rates.
  • Despite the cautious market undertone, we expect bargain hunting will prevail given the cheap valuations of local stocks, continuous inflow of foreign investors and improving macroeconomic situation in the country.
  • As such, we expect the benchmark index to trend slightly higher within the region of 1,520-1,540.
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