Daily Market Report (9 March 2022)
- Sentiments on Wall Street continued to be spooked by surging commodity prices and inflationary pressures as all 3 major indices erased earlier gains to end in negative territory.
- The DJI Average lost 185 points while the Nasdaq declined by 35 points.
- Amid the heightened volatility and regional weaknesses, the FBM KLCI fell further wiping out all gains over the past weeks.
- In the absence of any clarity, we reckon the index to continue to drift further though we noticed some bargain hunting at the 1,550 level.
- For today, we expect the index to trend within the 1,540-1,560 range as sentiments remain cautious notwithstanding the yesterday’s announcement of border reopening by April 1.