Daily Market Report (16 November 2022)
- Wall Street closed in positive territory as many believed that inflation in the US may have peaked.
- The latest producer price index saw a slower than expected increase that prompted the US 10-year yield to dipped below the 3.78%.
- As such, the DJI Average gained 56 points while the Nasdaq jumped by 162 points.
- As for the local bourse, the FBM KLCI succumbed to strong selling activities possibly ahead of GE15 as it closed at just above the 1,450 level.
- Though we anticipate some bargain hunting activities, we reckon sentiment to remain cautious hence expect the index to trend between the 1,445-1,460 today.
- As we move into earnings season, buying may return on the Banks and Telcos as many sees solid growth for these two sectors.
- Meanwhile, the Ringgit maintained its uptrend against the greenback currently hovering at RM4.55/USD1.