Daily Market Report (1 December 2022)
- Wall Street surged as traders celebrated the Federal Reserves’ statement that it will be less aggressive with rate hikes going forward.
- The DJI Average jumped by almost 740 points while the Nasdaq added 484 points as the US 10-year yield dipped to around the 3.61% level.
- On the home front, the FBM KLCI finally broke out from its consolidation phase supported by strong buying activities in the afternoon session.
- We reckon recent news to revive the nation’s economy may shift interest to the Construction sector as the multiplier effect is deem the highest to spur domestic economic activities.
- Meanwhile, easing of restrictions in Guangzhou and Chongqing may also improve regional sentiment thus we reckon the index to trend between the 1,485-1,500 range today.
- As for crude oil, the Brent crude ended above the USD85/barrel attributed to lower than expected inventory level.
