Daily Market Report (28 December 2022)
- Wall Street ended on a mixed note as US housing data showed that prices declined.
- The DJI Average rose 37 points while the Nasdaq lost 144 points as the US 10-year yield spiked to above 3.85%.
- Back home, the FBM KLCI closed flat attributed to some last minute buying activities.
- We believe some window dressing may be in the offing due to some broad-based buying support for the local bourse of late.
- As China is scrapping its zero Covid policy, we reckon economic activities within Asia to escalate especially domestic demand in China and tourism within the region.
- We expect some rebound for the Banks after suffering a sell-down yesterday plus the Plantation stocks as the crude palm oil surged pass the RM4,000/tonne on the reopening of China.
- Therefore, we anticipate the index to trend between the 1,470-1,485 range today.
