Daily Market Report (20 January 2022)
- Wall Street ended sharply lower after a volatile session as higher bond yields and elevated inflation rattle investors.
- The DJIA dropped 339 points to 35,028.65 while S&P500 44.35 points to 4,532.76. The technology-heavy Nasdaq Composite shed 166.64 points to 14,340.26.
- On the domestic front, the FBM KLCI trended lower due to continuous selling pressure over the region.
- The benchmark index fell 12.59 points to stay just above its 1,530 support level.
- We reckon the market undertone to remain jittery due to external factors.
- Nonetheless, we believe some bargain hunting activities may emerge hence, expect the index to hover between 1,530-1,540 range.
