Daily Market Report (19 October 2022)
- Wall Street extended its uptrend underpinned by another sets of solid earnings from Goldman Sachs and Lockheed Martin amid a choppy session.
- The DJI Average rose 338 points while the Nasdaq gained 97 points as the US 10-year yield edged higher to almost the 4.01% level.
- Back home, the FBM KLCI finally touched the 1,400 mark attributed to buying support on Telcos and Plantation stocks.
- Buying interests on plantation counters returned as the crude palm oil price climbed above the RM4,000/tonne.
- For today, we reckon buying to persists possibly on the Banks following some selling yesterday thus expect the index to hover between the 1,390-1,410 range.
- Meanwhile, Oil & Gas stocks may see some headwinds today, as the Brent crude continued to slip to around USD90/barrel on concerns of higher supply and global recession.
