Daily Market Report (6 January 2022)
- Sentiments were jittery on Wall Street as traders anticipate a tighter monetary policy to combat inflation.
- As a result, the DJI Average declined by 392 points to below the 36,500 mark while the Nasdaq fell even steeper by 3.3% or 522 points as the 10-year yield jumped to 1.7%.
- As market volatility heightens, we reckon regional markets to remain mixed today.
- At home, the FBM KLCI was buoyed by bargain hunting activities and we expect this to continue.
- Despite the regional headwinds, we believe the index to trend around the 1,540-1,555 range today.
- One positive aspect of the local bourse is that daily volume is improving with more than 4bn shares traded yesterday.
- Meanwhile, crude palm oil was up to RM5,437/tonne on worries of lower output.
