Daily Market Report (24 November 2022)
- Wall Street closed into positive territory as traders perceived that the Federal Reserves will be less aggressive with the pace of rate hikes.
- The DJI Average rose by 96 points while the Nasdaq added 111 points as the US 10-year yield continued with its decline to 3.69%.
- As for the FBM KLCI, buying support possibly from the local institution, saw the index to end above the 1,440 level.
- For today, statement that UMNO had decided to support the Yang di-Pertuan Agong’s proposal of a unity government potentially ending prevailing political impasse may inject some optimism into the local bourse.
- As such, we reckon the index may trend between the 1,440-1,460 range today.
- Meanwhile, sluggish demand in China saw crude oil prices dampened with the Brent crude declined to below the USD85/barrel thus may see some headwinds for the Energy sector today.
