The sentiment on the local bourse could remain tepid amid the downtrend move on Wall Street and regional markets, Malacca Securities said in a note.
It said that concerns over recession persisted against the backdrop of rising global interest rate setting. Commodities-wise, crude oil prices sank below USD100 per barrel amid concern over weaker demand following China’s stringent move to curb the Covid-19 spread.
The CPO was traded towards RM4,000 amid declined palm oil export and rising CPO inventories in June 2022.
On the local bourse, it said that the FBM KLCI (+0.02%) ended on a flattish note after recovering all its intraday losses, lifted by the eleventh-hour gains in selected plantation heavyweights yesterday.
It said that the lower liners, however, retreated, while the broader market ended mostly negative, with the technology sector (-3.2%) underperformed.
On the global markets, it said that the US stock markets erased all their intraday gains as the Dow (-0.6%) extended its decline ahead of the inflation data released today on mounting concern that inflationary pressure may remain in place. The European stock market, however, turned slightly upbeat, while Asia stock markets ended mostly lower.
