Daily Market Report ( 4 January 2022)
- US equities closed higher on hopes that the US economy can overcome the surge in Covid cases.
- The DJI Average gained 247 points to near the 36,600 mark while the Nasdaq jumped by 188 points.
- Meanwhile, the US 10-year Treasury yield ended around the 1.64% level.
- On the home front, we reckon some bargain hunting to emerge today following yesterday’s decline.
- Therefore, we believe the FBM KLCI to trend higher at around the 1,550-1,560 range today.
- With expectations of hikes in interest rates imminent, banking stocks should be back into the limelight going forward.
- Meanwhile, it would be interesting to see if the crude palm oil can maintain its high pricing this year as it closed at RM5,258/tonne yesterday.
