Daily Market Report (17 March 2022)
- Wall Street closed sharply higher after the Fed lifted interest rates heavily designed to counter inflation while investors considered the 25-basis points hike came in inline with market expectations.
- The DJIA surged more than 500 points while Nasdaq and S&P500 rose 488 and 95 points respectively.
- Back home, the FBM KLCI rebounded as investors took opportunity to bargain hunt following 3 days of selldown.
- We believe bargain hunting to continue given the cheap valuations of local stocks and improving market sentiment globally, hence expect the FBM KLCI to trade within range of between 1,565-1,585 for today.
