Daily Market Report (14 December 2022)
- Wall Street ended in positive territory as the US consumer price index (CPI) came in lower than forecast hence many are expecting the Federal Reserves to be less aggressive in hiking rates.
- The DJI Average added 119 points while the Nasdaq jumped by 134 points as the US 10-year yield eased to 3.52%.
- As for the local bourse, persistent selling by foreign funds saw the FBM KLCI to close at the 1,470 mark.
- For today, we reckon regional markets may be buoyed by the lower CPI figure which should prop the FBM KLCI higher thus expect the index to trend within the 1,470-1,485 range.
- Meanwhile, we anticipate buying to focus on the Oil and Gas counters following the rebound of crude oil prices spurred by the easing of Covid restrictions in China that saw the Brent crude price jumped pass the US$80/barrel.
