Daily Market Report (11 April 2022)
- Wall Street closed mixed on news that the Federal Reserves will be aggressive in its tightening policy to counter inflation.
- While the DJI Average rose 137 points, the Nasdaq declined by 186 points as the US 10-year yield rose to above the 2.7% which is a 4-year high.
- On the home front, the FBM KLCI rose above the 1,605 mark on continuous accumulation by foreign funds.
- We noticed there may be a shift by funds from bonds to equities with the 10-year MGS yield increase to above the 4% level.
- For today, we reckon the index to hover within the 1,595-1,615 range. Meanwhile, the Brent crude remains above the US$100 mark to close at US$103/barrel.
