Daily Market Report (7 January 2022)
- Sentiments on Wall Street remained cautious as traders expect the Federal Reserves tapering to be earlier than anticipated.
- As a result, the DJI Average lost 171 points while the Nasdaq declined by 19 points to just above the 15,000 level amid the 10-year yield inched higher to 1.73%.
- As such, we believe regional markets performances are set to be mixed today.
- On the home front, the FBM KLCI closed lower on rather heavy selling yesterday.
- As market undertone continues to be weak, we reckon the index to face continuing road bumps ahead thus expect it to hover within the 1,525-1,540 range today on heightened market volatility.
- Meanwhile, the Brent crude closed higher at US$82/barrel in view of the unrest in Kazakhstan.
