Daily Market Report (2 March 2022)
- Wall Street slumped as the tension in Ukraine intensifies.
- The DJI Average declined by 598 points while the Nasdaq lost 219 points.
- As sentiments remained jittery, flight of funds to bonds continues as the US 10-year yield eased to almost the 1.7% level.
- Back home, the FBM KLCI declined on the back of profit taking activities.
- Though we anticipate some intermittent bargain hunting to emerge soon, the index may experience ongoing selling pressure hence we expect the index to hover within the 1,585-1,605 range today.
- Meanwhile, mounting concerns on the supply side has pushed the Brent crude to a 7-year high at US$107/barrel.
- As for the crude palm oil, it closed at another record high settling at RM8,170/tonne.
