Daily Market Report (7 April 2022)
- Wall Street closed lower on Wednesday as investors eyed more hawkish remarks from key monetary policymakers, suggesting more members of the Federal Reserve were open to moving aggressive interest rise to bring down demand and inflation.
- The DJIA fell 144 points to end at 34,496.
- Back home, FBM KLCI closed higher as bargain hunting emerged after 2 days of selldown with buying interests mainly on plantation, O&G and banking heavyweights.
- We believe the benchmark index to remain in consolidation mode for the time being with some profit taking activities due to cautious sentiment despite foreign buying support.
- As such, we anticipate the FBM KLCI to trend within the range of between 1,590-1,610 for today.
