Daily Market Report (13 January 2022)

  • Wall Street ended in positive territory despite December inflation data came in sharply higher.
  • Though the CPI figure was largely within expectations, overall market sentiments remained rather cautious as the DJI Average gained a mere 38 points while the Nasdaq was up 35 points to almost the 15,190 mark.
  • On the home front, last minute buying activities helped pushed the index to close flat having been in the red for most of yesterday’s session. Yesterday’s intermittent correction amongst Banking stocks suggests that buying interests could return today but market undertone remains cautious amid the higher regional volatility.
  • For today, we would expect the index to trend around the 1,560-1,570 supported by net foreign funds inflow.
  • On the crude price, the Brent crude continued to move higher and is currently hovering almost the US$85/barrel level.