Daily Market Report (10 March 2022)
- US equities rebounded sharply despite the ongoing tension in Ukraine as sentiments improved over the cooling off in crude oil prices following UAE calls to increase oil supply.
- The DJI Average rose by 654 points while the Nasdaq added 460 points to close above the 13,000 mark.
- Meanwhile the US 10-yield also ended higher to around the 1.95%.
- Back home, late bargain hunting activities helped push the FBM KLCI higher. The buying on the local bourse was broad based as most indices ended in positive territory.
- For today, we expect the index to continue with the uptrend and envisage it to hover within the 1,555-1,575 range.
- While the crude palm oil surged closer to the RM7,700 level again, the Brent crude eased to IS$112/barrel.
