Daily Market Report (2 November 2022)
- Wall Street closed lower as hopes that the Federal Reserves may ease their stance on rate hike were dented from the stronger than expected job data.
- As a result, the DJI Average lost 80 points after a strong opening while the Nasdaq declined by 97 points as the US 10-year yield remained at the 4.05% level.
- On the local front, the FBM KLCI ended lower attributed to profit taking activities despite a better regional performance.
- The benchmark index had lost 20 points over the last 2 trading days and we reckon some bargain hunting activities to emerge although market undertone have turned cautious.
- For today, we expect the index to hover between the 1,440-1,455 range with buying interests to focus on Plantation stocks.
- Crude palm oil surged past the RM4,200/tonne level as Indonesia raised their exports reference price.
- Meanwhile, the Brent crude climbed to almost USD95/barrel due to lower inventory level.
