Daily Market Report (26 October 2022)
- Wall Street trended higher on hopes that the Federal Reserves will be less aggressive in raising rates from signs that the US economy is cooling down.
- The DJI Average jumped by 337 points while the Nasdaq added 246 points as the US 10-year yield eased to 4.10%.
- On the local front, the FBM KLCI fell marginally after a week of strong performance.
- We reckon the index to rebound today following solid signs from Wall Street and expect it to trend between the 1,440-1,455 range today.
- Buying interests is anticipated to return on Technology related stocks amid the falling US yields.
- Meanwhile, a weaker USD saw the Brent crude closing higher at above the USD93/barrel mark.
