Daily Market Report (2 December 2022)
- Wall Street took a breather as traders are waiting for the US job data to be out later today.
- The DJI Average dropped almost 195 points while the Nasdaq added a mere 14 points as the US 10-year yield continued to decline to around the 3.5% level.
- As for the local bourse, the FBM KLCI closed above the 1,490 mark but off the day’s high as profit taking activities emerged late in the afternoon session particularly on the Banks.
- Sentiment remained cautious as we are waiting for the announcement of the Cabinet anytime soon.
- As such, we expect the index to hover within the 1,485-1,500 range today with QL Resources and AMMB as the new index constituents replacing both Top Glove and Hartalega.
- Meanwhile, the Ringgit strengthened to almost a 6-month high against the USD at RM4.40/USD1 in view of the less aggressive rate hike by the Federal Reserves which will benefit local importers especially for the consumer and industrial products related companies.
