Daily Market Report (11 November 2022)
- Wall Street surged as the US inflation for October came in lower than expected with traders now betting that the Federal Reserves will be less aggressive in their tightening policy.
- As a result, the DJI Average gained 1,200 points while the Nasdaq staged a massive 761 points rally as the US 10-year yield declined to 3.81%.
- At home, the FBM KLCI maintained its uptrend underpinned by strong buying on Banks and Healthcare related counters.
- For today, we believe the index should break the 1,450 decisively as we expect a much stronger regional performance and expect it to trend between the 1,450-1,465 range.
- Technology stocks should experience a massive boost today following the steep uptrend on Nasdaq overnight.
- Meanwhile, Brent crude closed above USD93/barrel attributed to the lower than anticipated US inflation plus a potentially weaker USD across the board.
