Daily Market Report (21 March 2022)
- Despite the ongoing war in Ukraine coupled with Federal Reserves stance on more rate hikes, US equities closed higher however whether this is sustainable remains to be seen.
- The DJI Average gained 274 points while the Nasdaq jumped by 279 points.
- Meanwhile, the US 10-year yield remained above the 2% threshold at 2.15%.
- At home, the FBM KLCI ended slightly higher having been in the negative territory throughout the day attributed to late buying especially from foreign funds.
- As market volatility heightens, we reckon the index to trend within a range of between 1,580-1,600 today.
- As for the Brent crude, it closed at US$108/barrel as concerns on the supple side lingers.
