Daily Market Report (19 December 2022)
- Wall Street closed lower as traders are battling between inflation and recession amid more rate hikes by the Federal Reserves next year.
- As such, the DJI Average lost 282 points while the Nasdaq declined by 105 points with the US 10-year yield inched slightly higher at 3.49%.
- At the home front, the FBM KLCI surprisingly ended in positive territory attributed to some last-minute buying activities.
- Nonetheless, we reckon this may not be sustainable as we expect overall sentiment to remain cautious on the local bourse. Therefore, we foresee the index to trend between the 1,465-1,480 range today.
- Meanwhile, crude oil prices weakened across the board on recessionary fears and a buildup in inventory as the Brent crude dipped to US$79/barrel hence we may see some profit takings on the Oil & Gas stocks today following a rather good performance last week.
