Daily Market Report (3 March 2022)
- Wall street staged a relief rally despite the intensifying conflict between Russia and Ukraine.
- The DJI Average ended almost 600 points higher while the Nasdaq jumped by 220 points.
- As the situation on Wall Street remains fluid, the US 10-year yield closed near the 1.9% again.
- On the home front, the FBM KLCI ended slightly higher from some muted bargain hunting activities.
- For today, we anticipate the index to hover around the 1,595-1,610 range as foreign funds continue to accumulate on local equities.
- Meanwhile, profit taking saw the crude palm oil price down to RM7,839/tonne while the Brent crude surged past US$112/barrel as global demand is shunning Russian oil.
