Daily Market Report (13 December 2022)
- Wall Street staged a relief rebound as focus is now shifted to new inflation data and the Federal Reserves’ move on interest rates.
- The DJI Average closed almost 530 points higher while the Nasdaq gained 139 points as the US 10-year yield inched higher to almost the 3.62%.
- On the domestic front, the FBM KLCI closed slightly lower amid a lacklustre session as sentiment remained cautious taking cue from a broadly weaker performance regionally.
- We expect the same for today despite the rebound on Wall Street hence expect the index to maintain its trend at within the 1,470-1,485 range.
- Meanwhile, we expect the Plantation sector to see some headwinds today following the decline in crude palm oil price to a 2-month low.
- As for crude oil, the Brent crude closed above US$78/barrel on supply uncertainties.
