Daily Market Report (12 January 2022)
- US equities rebounded as all 3 major indices closed higher following some steep selling over the previous sessions.
- Nonetheless, many expect overall sentiments to remain volatile as the Federal Reserves has reiterated its tapering intentions to tackle inflation.
- The DJI Average gained 183 points while the Nasdaq surged by 210 points to above the 15,150 level.
- At home, the FBM KLCI continued with its uptrend with another impressive performance yesterday. As mentioned, funds were picking up banking stocks ahead of higher interest rates regime going forward.
- As the index is heading towards its resistance at 1,570, it will be interesting to see if ongoing buying spree can push it pass the resistance decisively. If yes, then we may see the index to head towards the 1,600 mark.
- For today, we expect the index to hover within the 1,555-1,570 range amid regional markets volatility.
- Meanwhile, the Brent crude price trended close to the US$84/barrel buoyed by increasing demand.