Daily Market Report (11 Jan 2022)
- Trading on Wall Street has been volatile to say the least on the back of imminent hikes in interest rates. The 10-year Treasury yield briefly touched the 1.8% before settling at 1.755%.
- While the DJI Average closed 163 points lower to just above the 36,000 level, the Nasdaq reversed earlier losses to stay up 7 points from a late afternoon rally.
- On the front, the FBM KLCI defied expectations as bargain hunting activities pushed the index to 1,550 mark.
- Though we anticipate regional performances to remain mixed, low valuations of the local bourse could be the main catalyst for funds snapping up banking shares yesterday on potential interest rates increase.
- For today, we reckon buying may continue but profit taking activities could also set in. Therefore, we reckon the index to hover within the 1,545-1,560 range today.
- Meanwhile, it was heartening to see that daily market volume has improved to above 6bn shares yesterday which is a multiple month high.