Daily Market Report (28 October 2022)
- Wall Street closed mixed after another volatile session as investors mulled the Federal Reserve’s path of interest-rate hikes while assessing mixed economic data and a slew of earnings reports.
- Meanwhile, the Dow climbed nearly 200 points for its fifth day of wins as he US economy grew at a 2.6% annualized pace for the period, against the economists estimate of 2.3% growth.
- Back home, the FBM KLCI closed in negative territory due to some minor corrections although the broad market was slightly higher.
- We maintain our positive view over the local market given the strong support from the local institutions and anticipate the FBM KLCI to trend within a wider range of 1,450-1,470 for today with buying mainly on banking, plantation and telco stocks while we reckon the poor performance on Nasdaq may have some negative impact on tech stocks today.
