Daily Market Report (9 May 2022)
- Wall Street closed lower last Friday as sentiments remained jittery following the sharp decline the day before.
- Traders were unable to find a solid footing as buying activities diminished.
- As a result, the DJI Average lost 99 points while the Nasdaq declined by 173 points as the US 10-year yield inched closer to the 3.15% mark.
- On the local front, the FBM KLCI also closed on a weak note amid the regional weaknesses.
- Though we expect some bargain hunting activities to emerge as the index is hovering close to its support level of around the 1,565 level, the US futures remains weak thus we reckon it will be another volatile day hence anticipate the index to possibly hover within the 1,560-1,575 range today.
- Meanwhile, the Brent crude has risen to above the US$112/barrel on concerns over potential disruptions on the supply side.
