Daily Market Report (23 November 2022)
- Wall Street rebounded despite a mixed bag of corporate earnings as traders are betting that US inflation may have peaked in line with easing treasury yields.
- The DJI Average rose almost 500 points while the Nasdaq added 150 points as the US 10-year yield dipped to 3.76%.
- Back home, the local bourse continued to be affected by the political impasse as the FBM KLCI closed at around the 1,440 level.
- We reckon sentiment will remain cautious over the next few days until more clarity prevails.
- As such, we expect the index to possibly hover within the 1,430-1,450 range today as speculations continue with market participants staying sidelined.
- Meanwhile, OPEC’s denial of increasing output saw crude oil improves with the Brent crude trouncing almost the USD89/barrel.