Daily Market Report (4 April 2022)
- Wall Street closed higher due to some bargain hunting activities following a weak 1Q performance.
- The DJI Average gained 139 points while the Nasdaq rose a mere 41 points as the US 10-year yield ended at 2.4%.
- Meanwhile the local bourse closed higher as the FBM KLCI broke above the 1,600 level attributed to last minute buying activities from foreign funds.
- Despite market undertone remains cautious, we reckon further accumulation by foreign funds to persist thus expect the index to trend around the 1,595-1,610 range today.
- News of the US will release its strategic oil reserves saw the Brent crude dipped to US$104/barrel.
- As for the crude palm oil, though prices may have eased of late, its average price for March saw another all time high at RM,6870/tonne.
