Daily Market Report (22 December 2022)
- Wall Street rebounded buoyed by encouraging corporate earnings coupled with positive economic data from the US as the DJI Average surged by 527 points while the Nasdaq jumped by 162 points.
- The US 10-year yield eased marginally to 3.67%.
- Domestically, the FBM KLCI fell for the 3rd consecutive day to close near the 1,460 level amid persistent foreign selling.
- Nonetheless, we reckon some bargain hunting activities to emerge soon with the RM75bn East Coast Railway Link (ECRL) project given the greenlight that should boost interests on the Construction sector.
- As such, we expect the index to hover within the 1,460-1,475 range today.
- Meanwhile, crude oil prices recovered with the Brent crude moving past 82USD/barrel on a weaker US$.
