Daily Market Report (20 October 2022)
- Wall Street retreated after another choppy session as the US 10-year yield ended at a multi-year high to almost the 4.14% level.
- The DJI Average lost 100 points while the Nasdaq declined by 92 points.
- On the home front, the FBM KLCI continued with its uptrend for the third consecutive day attributed to buying support from foreign funds.
- Nonetheless, we reckon trading on the local bourse to be lacklustre today impacted by the surging rates in the US.
- As such, we expect the benchmark index to trend between the 1,395-1,420 as the Technology stocks may see some selling today.
- Meanwhile, crude palm oil remained above the RM4,000/tonne due to lower output from bad weather while the Brent crude price rebounded to above the USD92/barrel.
