Daily Market Report (14 November 2022)
- Wall Street closed in positive territory fueled by optimism of easing interest rate hike concerns.
- As a result, the Nasdaq jumped by 209 points as the DJI Average ended a marginal 32 point higher.
- Meanwhile, the US 10-year yield remained at the 3.81%.
- At the home front, the FBM KLCI closed at a month high to almost the 1,470 mark spurred by buying from foreign funds again.
- We reckon uptrend for the local bourse to remain intact hence expect the index to possibly hover within the 1,460-1,475 range today despite some intermittent profit taking activities.
- Technology stocks should be in favour today amid the easing fears of more rate hikes.
- The Ringgit has also strengthened against the USD from RM4.70 on 11 Nov to RM4.62 currently should be good news for importers.
- In addition, recent refinement of China’s Covid rules may see positive effects within the region.
- Crude oil prices also closed higher due to the weaker USD with the Brent crude closing above the USD96/barrel level.
