Daily Market Report (21 November 2022)
- Though Wall Street closed in positive territory last Friday, overall sentiment was cautious on concerns of more rate hikes to quell inflation.
- The DJI Average rose 199 points while the Nasdaq was flat as the US 10-year yield surged past the 3.83% mark.
- Back home, the local bourse saw late buying support as the FBM KLCI ended at almost the 1,450 level.
- For today, we reckon mood on the domestic market to be cautious following the results from the just concluded GE15.
- As we enter into a new normal within the political scene, local equities may experience some selling today until a new Government is formed.
- Therefore, we expect the index to trend between the 1,435-1,455 range today.
- The finalization of the merger between Celcom and Digi may prompt some buying interests on the Telcos today.
- Meanwhile, the Brent crude slipped to below the USD88/barrel as China cuts its oil purchases thus Energy stocks may face with some headwinds today.