Daily Market Report (10 November 2022)
- Wall Street slumped following recent sharp gains as profit taking activities emerged instigated by the indecisive mid-term US election results coupled with a crypto sell-off.
- As a result, the DJI Average declined by 647 points while the Nasdaq lost 263 points as the US 10-year yield closed marginally lower at 4.1%.
- Back home, the FBM KLCI stayed above water despite a weak regional performance underpinned by buying support from foreign funds.
- For today, we reckon the local bourse to maintain its rebound following a sell-down in end-October thus expect the index to trend between the 1,440-1,455 range with buying to focus on the Banks and Telcos.
- Meanwhile, Brent crude continued to slide on news of higher inventory to close at below the USD93/barrel mark.
