Daily Market Report (20 December 2022)
- Wall Street continued with its decline after a choppy session on growing concerns of a recession in the US.
- Selling was broad-based as the DJI Average lost 163 points while the Nasdaq closed almost 160 points lower with the US 10-year yield inching higher to around the 3.60% level.
- As for the local bourse, the FBM KLCI ended marginally lower amid some buying support from the local institutions following a lacklustre session.
- However, we reckon sentiment to improve somewhat with Datuk Seri Anwar winning the vote of confidence thus clearing the air of uncertainty within the political scene.
- As such, we expect the index to trend between the 1,475-1,490 today with focus on Banks and Plantation stocks.
- Plantation stocks should see some buying today as the crude palm oil price returns to around the RM4,000/tonne in view of current bad weather which may impact supply.
