Daily Market Report (16 March 2022)
- Notwithstanding the imminent rate hike by the Federal Reserves, Wall Street staged a relief rally as crude oil declined amid a highly volatile market.
- The DJI Average gained almost 600 points while the Nasdaq surged by 367 points.
- Meanwhile, the US 10-year yield stayed above the 2% level at 2.15%.
- Back home the FBM KLCI weakened dragged down by losses within the regional markets attributed to fresh lockdowns in China.
- Despite sentiments to remain cautious, we expect some bargain hunting activities to emerge thus anticipate the index to trend around the 1,550-1,570 range today.
- Meanwhile, crude palm oil rebounded to above the RM7,000/tonne while the Brent dipped to below the US$100/barrel.
