Daily Market Report (28 March 2022)
Mon, Mar 28, 2022 7:49 AM
- Defying the ongoing war in Ukraine and more prospective rate hikes, Wall Street ended on a mixed note as the DJI Average gained 153 points while the Nasdaq lost 22 points as the US 10-year yield edged closer to the 2.5% mark.
- At home, the FBM KLCI broke the 1,600 level, attributed to some last minute buying from foreign funds.
- Nonetheless, we reckon market undertone to remain cautious thus expect the index to trend within the 1,595-1.610 today.
- If the benchmark index can maintain its current uptrend, we should see it to test the 1,620 mark.
- Meanwhile the Brent crude inched above the US$120/barrel on concerns over the supply side amid the ongoing war.
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