Daily Market Report (10 January 2022)

  •  Wall Street closed on a mixed note as tech heavy Nasdaq experienced another steep decline amid higher rates as the 10-year yield is trending closer to 1.8% which is a 52-week high.
  • The DJI Average fell almost 5 points while the Nasdaq lost 145 points to end below the 15,000 mark.
  • Back home, we expect the FBM KLCI to face with some selling pressure following a strong closing last Friday.
  • Considering the heightened market volatility, we reckon regional markets to perform similarly which could impact the local bourse’s performance.
  • Therefore, we anticipate the index to possibly trend within the 1,535-1,545 range today with some downside bias.
  • As for crude prices, Brent crude price remained elevated hovering close to the US$82/barrel.