Daily Market Report (12 December 2022)
- Wall Street retreated as concerns over rate hike emerged again for the upcoming FOMC meeting on the 13th and 14th this month.
- The DJI Average declined 305 points while the Nasdaq lost 77 points as the US 10-year yield edged higher to almost the 3.59% mark.
- Back home, the FBM KLCI finally rebounded to almost the 1.480 level attributed to broad-based buying.
- Despite the weak performance on Wall Street, we reckon stock accumulation to continue with more stability within the political scene due to the recent announcements of Deputy Ministers.
- Nonetheless, we expect the index to trend between the 1,470-1,485 range today as sentiment may turned cautious ahead of the FOMC meeting.
- We believe buying may center on the Banks and Telcos today after recent consolidation of the local bourse.
