Daily Market Report (8 March 2022)
- Wall Street fell as traders became increasingly concern over the high energy and commodity prices due to prevailing conflict between Russia and Ukraine.
- The DJI Average declined by almost 800 points while the Nasdaq lost 480 points to almost a 1-year low.
- At the home front, the FBM KLCI was down from heavy selling weighed down by broad based regional weaknesses.
- For today, we expect there to be a rebound from bargain hunting activities otherwise the local bourse may be stuck in a consolidation mode hence anticipate the index to hover between the 1,565-1,585 range.
- Meanwhile, the Brent crude stayed elevated at US$123/barrel having briefly breached the US$130/barrel level.
