Daily Market Report (22 February 2022)
- Wall Street declined following the Federal Reserves’ statements of more aggressive interest rate hikes to curb inflation going forward.
- The DJI Average lost about 200 points while the Nasdaq dipped by around 55 points.
- Meanwhile, the US 10-year yield inched higher to 2.3% following the Feds statement.
- On the home front, the FBM KLCI weakened as sentiments remained cautious due to lack of buying catalysts.
- For today, we reckon the index to hover within a narrow range of between 1,580-1,595.
- As for the Brent crude, it broke above the US$110 to close at almost US$116/barrel as concerns over the supply side heightens.
