Daily Market Report (22 November 2022)
- Wall Street closed lower as traders wait for a slew of economic data this Wednesday amid fresh worries of higher interest rate hike.
- The DJI Average lost 45 points while the Nasdaq declined by 121 points as the US 10-year yield inched higher to 3.84%.
- At the home front, the FBM KLCI ended flat following a weak opening as uncertainties persist within the political arena.
- We reckon market sentiment to remain cautious until a new Government is formed by today.
- Therefore, market volatility is expected to remain heightened and see the index to trend between the 1,430-1,450 range today.
- Meanwhile, crude palm oil weakened to a 1-month low at RM3,850/tonne on the back of high inventory hence may see some selling on the Plantation sector today.
