Daily Market Report (14 March 2022)
- Wall Street closed sharply lower as tech and growth shares led a broad decline and investors worried about the conflict in Ukraine while attention turned to the Federal Reserve's policy meeting in this week.
- The DJI Average lost 230 points while the Nasdaq declined by 286 points. We reckon the Fed to tighten monetary policy this year to fight the 40-year high inflation.
- As for the local bourse, we reckon investor sentiment to remain jittery though bargain hunting activities may emerge as well.
- As such, we anticipate the FBM KLCI to trend in range bound and hovering within the 1,560-1,580 range for today.
- The crude palm oil eased to below RM7,000 level with the Brent crude remained high at above US$110/barrel.
