Daily Market Report (1 April 2022)
- Sellers emerged on Wall Street as ongoing war in Ukraine and more interest rate hikes continue to plague overall sentiments.
- As a result, the DJI Average dipped by 550 points while the Nasdaq lost 222 points as the 10-year yield remained elevated above the 2.3% level.
- At home, the FBM KLCI closed higher despite the regional weakness supported by some late buying from foreign buying.
- Overall sentiments is seen to remain cautious due to the lack of catalysts thus we reckon the index to hover between the 1,580-1,595 range today.
- Meanwhile, the Brent crude eased to settle at US$107/barrel on news that OPEC will increase supply.
