Daily Market Report (2 June 2022)
- Wall Street endured a choppy session as sentiments remained jittery plagued by more possible rate hikes from the Federal Reserves.
- All 3 major indices opened positively but closed in the red with the DJI Average losing 177 points whereas the Nasdaq declined by 87 points.
- Meanwhile, the US 10-year yield surged pass the 2.90%. As for the local bourse, the FBM KLCI closed lower due to profit taking activities amid a mixed regional performance.
- We believe the index to maintain its consolidation mode and is anticipated to hover within the 1,545-1,560 range today.
- Crude palm oil rebounded slightly to RM6,650/tonne on expectations of better exports while the Brent crude closed above the US$116/barrel as demand is seen to improve with the reopening of Shanghai after a 2-month lockdown.