Daily Market Report (1 November 2022)
- As expected, Wall Street closed lower as sentiment turned cautious ahead of the Federal Reserves meeting over the next 2 days.
- The DJI Average lost 129 points while the Nasdaq declined by 114 points as the US 10-year yield inched higher at 4.05%.
- Back home the FBM KLCI ended at a 1-month high of attributed to some bargain hunting activities.
- Though we reckon trading may be rather subdued today with eyes on the rate hikes in the US.
- Nonetheless, we expect the index to trend between the 1,455-1,470 range today as buying should continue on local equities in particular on Banks and Telco related stocks.
- Meanwhile, we believe Bank Negara may look to hike rate by 25bps during the Monetary Policy Committee (MPC) meeting on Wednesday and Thursday hence should provide catalyst on the Banking stocks.
