Daily Market Report (15 March 2022)
- Ongoing tension between Russia and Ukraine coupled with the highly anticipated rate hike by the Federal Reserves saw US equities closing on a mixed note.
- While the DJI Average ended flat, the Nasdaq was down by 262 points as the US 10-year yield surged past the 2% to close at 2.14%.
- Locally, the FBM KLCI closed flat due to some late buying from foreign funds. For today, we reckon the index to trend higher attributed to continuous support from foreign funds and expect it to trend within the 1,560-1,580 range.
- Meanwhile, profit taking activities saw the crude palm oil dipped below the RM7,000/tonne level while the Brent was down to US$107/barrel on the back of another lockdown in Shenzen.