Daily Market Report (20 April 2022)
- Wall Street climbed higher ignoring the imminent rate hike as traders bought up banks buoyed by solid earnings reported.
- The DJI Average added almost 500 points while the Nasdaq gained 287 points despite the US 10-year yield moving towards the 3.0% mark.
- The local bourse was closed yesterday but performance of the FBM KLCI have been rather weak of late.
- The lack of positive catalysts coupled with the decline in foreign buying saw the index dipped to the 1,580 level.
- Nonetheless, we reckon some bargain hunting activities to emerge in view of a more robust regional performance hence expect it to hover within the 1,575-1,590 range today.
- Meanwhile, the IMF slashed its global economic forecast resulting in lower crude prices with the Brent crude down to around US$107/barrel.
