Daily Market Report (27 October 2022)
- Wall Street closed mixed after a choppy session as traders continue to adjust to the prospect of less severe rate hike amid the decline in economic activities in the US.
- The DJI Average added a mere 2 points while lacklustre quarterly results from Microsoft and Alphabet saw Nasdaq declined by 228 points as the US 10-year yield eased to just above the 4.0% mark.
- At home, the FBM KLCI finally breached the 1,450 level underpinned by buying support from local institutions.
- For today, we reckon the local bourse to continue with its uptrend attributed to the easing US yields which will relieve fears of higher interest rates regionally.
- As such, we expect the index to hover between the 1,450-1,465 level today with buying interests returning to Banks.
- Meanwhile, the Brent crude climbed to above the USD95/barrel on weaker USD despite the slowing global demand.
