Daily Market Report (18 April 2022)
- Wall Street was closed for Good Friday. Nonetheless, many expect US equities remain volatile in view of a more aggressive tapering by the Federal Reserves during the next FOMC meeting on May 3.
- As for the local bourse, continued profit taking activities by some foreign funds again pushed the FBM KLCI lower to below the 1,590level.
- However, we reckon funds will focus on equities as the 10-year MGS yield have risen to a multi-year high at 4.12%.
- For today, we anticipate the index to trend around the 1,585-1,595 range as sentiments remain cautious.
- Meanwhile, as the crude palm oil remains solid we noticed that consensus are beginning to change their stance on the sector to more positive.
- Thus, we advocate investors to look at planters with high dividend yields namely FGV, Hap Seng Plant and Ta Ann.
