Daily Market Report (27 May 2022)
- Wall Street closed higher as investors were buoyed by strong corporate earnings.
- The DJIA rose more than 500 points and the Nasdaq gained over 300 points.
- Meanwhile The S&P 500 ended the day up 2 per cent higher due to the same reason.
- As for the local bourse, the FBM KLCI closed higher as investors continued to bargain stocks after the recent heavy selldown.
- We expect the momentum to continue given the improved market sentiment, cheap valuations of local stocks and improving macroeconomic situation in the country.
- As such, we anticipate the benchmark index to remain its trend sideways trend within the range of 1,535-1,550 for today.