Daily Market Report (17 January 2022)
- Wall Street closed on a mixed note as traders took profit on banking stocks following a spate of results reported.
- The DJI Average lost 202 points to below the 36,000 mark while the Nasdaq gained 87 points to almost the 14,900 level.
- Looking ahead, as the US 10-year yield is heading towards the 1.8% again, we reckon the market volatility within the region to heighten.
- On the local front, the FBM KLCI ended lower as profit taking emerged. Though, we may see some bargain hunting activities, market undertone is expected to remain cautious.
- Therefore, we believe the index to trend within the 1,550-1,560 range today.
- Meanwhile, the Brent crude price is inching towards the US$87/barrel on expectations that demand to remain strong.
