Daily Market Report (23 March 2022)
- Wall Street rebounded as traders digested the Federal Reserves recent statement of more aggressive rate hikes.
- The DJI Average gained 254 points while the Nasdaq jumped by 270 points as the 10-year Treasury yield inched higher to around 2.4%.
- Back home, sentiment remained jittery as the FBM KLCI movements was rather volatile.
- Thus, we reckon the index to trend within the 1,580-1,595 range today in the absence of strong buying catalysts.
- Meanwhile, the crude palm oil rebounded to almost the RM6,500/tonnes while the Brent crude eased slightly to US$115/barrel.