Daily Market Report (15 April 2022)
- Wall Street closed weaker on the back of a mixed set of earnings from major banks amid inflationary fears.
- The DJI Average ended 113 points lower while the Nasdaq lost 292 points as the US 10-year yield surge to a multi year high of 2.83%.
- Back home, the FBM KLCI again succumbed to late selling as it closed in the red following a strong opening.
- For today, we reckon the index to remain stuck within a narrow range due to the lack of catalysts and expect it to hover within the 1,590-1,600 range.
- As the US market will be closed today for Good Friday, we reckon it will be another listless day amongst the regional markets.
- Meanwhile, concerns over the crude oil deficit remains as the Brent crude pushed above US$110 to end at almost US$112/barrel.
