Daily Market Report (4 March 2022)
- As expected, Wall Street retreated as concerns over the tension in Ukraine continues in addition to inflationary worries amid the high commodity prices.
- The DJI Average lost 97 points while the Nasdaq saw an even steeper decline of 214 points.
- Locally, the FBM KLCI staged an impressive performance as it closed at a year to date high supported by foreign funds buying.
- We believe foreign funds to continue accumulating on local stocks to take advantage of our still low valuations thus anticipate the index to trend between the 1,610-1,625 range today.
- Meanwhile, profit taking emerged on the crude palm oil and crude oil as the CPO ended at RM7,450/tonne or down by RM389 with the Brent crude settled at US$110/barrel.
