Daily Market Report (15 November 2022)
- Wall Street ended lower as traders took a breather to digest recent uptrend and the possibility that the Federal Reserves may ease their aggressive stance on interest rate hikes.
- The DJI Average lost 211 points while the Nasdaq was 127 points lower as the US 10-year yield inched higher at 3.86%.
- Back home, the FBM KLCI closed lower amid some profit taking activities attributed a mixed regional performance.
- Nonetheless, we noticed market undertone remains strong as there were some accumulations on Utilities and Healthcare stocks.
- Hence, we expect the index to hover between the 1,460-1,475 range today as the Ringgit continues to strengthen against the USD currently at below the RM4.60 level.
- Meanwhile, concerns on global demand from OPEC saw the Brent crude dipped to below the USD93/barrel thus the Energy sector may experience some headwinds today.
